CEA: Consumer Confidence Highest for the Year

ARLINGTON, VA.: Consumer confidence in the economy and in technology spending improved in November to the highest levels of the year, according to the latest figures from the Consumer Electronics Association. CEA said that for the fourth straight month, its Index of Consumer Expectations--the ICE--rose. The index, which measures consumer expectations about the economy, increased six points to 173.1, the highest since October of 2009. It’s also up around eight points from the same time last year.

“Consumers are beginning to feel less pessimistic about employment as their overall economic outlook improves,” said Shawn DuBravac, CEA chief economist and director of research. “While the labor market remains depressed, consumer sentiment is rising.”

The CEA Index of Consumer Technology Expectations also reached its highest point since December 2009. The ICTE measures consumer expectations about technology spending. It rose nearly seven points this month to 86.1. The ICTE, however, remains down from the same time as last year.

“Expectations to spend more on technology are up in November as consumers begin their holiday shopping,” DuBravac said. “Consumers remain cautious, however, as they continue to guard discretionary spending closely.”

The CEA initiated the indices in 2005 and updates them monthly via phone survey of 1,000 randomly selected individuals.