Consumer confidence in the overall economy continues to slide downward in January, according to figures released today by the Consumer Electronics Association (CEA) and CNET. The CEA-CNET Indexes also show consumers are less likely to spend money on consumer electronics (CE) and technology products.
The CEA-CNET Index of Consumer Expectations (ICE) reached 166.6 in January, a decrease of 1.3 points from last month. The ICE, which measures consumers’ confidence in the overall economy, is down year-over-year by 4.2 points.
“Consumer confidence continues to decline despite the enthusiasm around the recent shift in administration,” said Claudia Haase, CNET’s Director of Research. “It is clear that consumers continue to worry about job losses, a volatile stock market, and a deepening recession.”
Consumer confidence in CE and technology took only a slight dip in January. The CEA-CNET Index of Consumer Technology Expectations (ICTE), which measures consumers’ confidence in consumer electronics and technology, decreased 1 point, reaching 77.3, a 2 percent decline over the same period last year.
“Some of the biggest events in consumer electronics kicked off in January such as the International CES, which fueled consumers’ interest in the hottest tech gadgets,” said Haase. “But the index decline reflects that while consumers are still shopping for electronics, they are more selective in their purchases.”
The CEA-CNET Indexes are comprised of the ICE and the ICTE, both of which are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. CEA and CNET have been tracking index data since January 2007. To find current and past indexes, charts, methodology and future release dates, log on to www.CEACNETindexes.org.