CTA: Tech spending sentiment jumps ahead of “Black Friday Week”
The latest CTA Index of Consumer Technology Expectations (ICTE), which the association said measures consumer expectations about their tech spending, rose to 92.1 points in November—an 8.8-point jump, which was a larger jump than has been historically seen this time of year according to CTA.
"Consumer sentiment traditionally moves higher in advance of Black Friday and the prime holiday shopping season," Shawn DuBravac, Ph.D., chief economist, CTA, said in a statement. "Black Friday sales have already started and will accelerate as more consumers report they plan to purchase videogame consoles, televisions and tablets, among other tech items during this holiday season."
The overall economy saw a modest 2.7-point increase in November to reach 172.6, CTA said.
"Consumer confidence toward the overall economy increased in November, remaining on par with CTA Index levels from last year," said DuBravac. "Apprehensions about the economy remain but consumers seem confident going into the most popular holiday shopping period."
In a separate pre-Black Friday study, CTA found that a record-setting 91 million Americans plan to purchase tech items or tech accessories during Black Friday Week, which is defines as the Monday before Thanksgiving through Cyber Monday. In total, a record 155 million consumers plan to shop during Black Friday and the surrounding week CTA said, with 70 percent of those shoppers planning to make their purchases online.