CEA research finds consumer tech spending will dip before holiday spike
Consumer confidence towards technology spending dipped slightly in October while their sentiment towards the overall economy remained flat, according to the latest data released this week by the Consumer Electronics Association.
CEA’s latest Index of Consumer Technology Expectations (ICTE), which gauges consumer expectations about tech spending, dropping 5.5 points to 83.3 in October, which CEA said is consistent with past years.
"A dip in consumer sentiment toward tech spending is not unusual for October," Shawn DuBravac, Ph.D., chief economist, CEA, said in a statement. "Concerns could be driven by the health of the economy, but it more likely suggests consumers are holding back tech spending in advance of the traditional holiday shopping season - rightly anticipating for sales events to begin in November."
The findings are consistent with CEA’s holiday outlook, which found that 71 percent of consumers plan to wait until November or December to start their holiday shopping—a 10 percent increase over 2014—while just 24 percent are planning to start early—a 31 percent drop from 2014.
The CEA Indexes are updated on a monthly basis, CEA said, and they are based on consumer surveys.