Consumer confidence in technology continues to strengthen. The ICTE reached 84.4 in August, up nearly four points from 80.7 in July. It is the third consecutive month the index has risen and marks the highest level it has reached since February. It is also the first time since March the index has increased on a year-over-year basis. August results also show consumers are more inclined to purchase technology and plan to spend more on technology in the months ahead.
"While there remain significant risks to the downside in the broad economy, we are beginning to see subtle, positive shifts in consumer sentiment," said Shawn DuBravac, CEA’s economist. "Consumer electronics remain a vital part of people’s everyday life and an increasing appetite for technology is especially encouraging as we head into the fourth quarter and the holiday shopping season."
Overall consumer confidence in the economy is also improving. The ICE hit 165.5 in August, an uptick of more than three points from 162.2 in July and the highest it has been since March. However, the ICE remains nine points below the same time last year. While the outlook for the broad economy has changed little for individuals, August figures indicate consumers expect to be better off financially in the months ahead.
"The back-to-school period is crucial for many CE manufacturers and retailers, so it is an encouraging sign that consumer sentiment remained strong in August," said Claudia Haase, director of research at CNET. "The overall economy may be facing headwinds but consumers appear optimistic about the laptops, MP3 players and cell phones that have become indispensable for today's students."
