Overall Consumer Confidence Holds Steady in June, According to CEA-CNET Indexes
Consumer confidence in the overall economy held steady in June, according to the latest data from the Consumer Electronics Association (CEA) and CNET. The CEA-CNET Indexes also show that consumer confidence in technology and consumer electronics (CE) continues to improve.
The CEA-CNET Index of Consumer Expectations (ICE) reached 174.7, up 0.1 points from May. The ICE, which measures consumers’ confidence in the overall economy, is up more than eleven points year-over year and at its highest level since February 2008. Consumers are growing more confident about their future financial health but remain worried about the market outlook for jobs.
“Consumer sentiment is stabilizing as the economy works through the final months of a historically long recession,” said Shawn DuBravac, CEA’s economist and director of research. “While expectations for an improved employment outlook hit the lowest level in the history of the Indexes, consumers continue to feel more secure about their own financial well-being. As we’ve seen in past recoveries, unemployment rates will not likely go down until after the recession has ‘officially’ ended.”
Consumer confidence in CE and technology climbed for the fourth consecutive month. The CEA-CNET Index of Consumer Technology Expectations (ICTE), which measures consumer confidence in technology and consumer electronics, reached 84.4, an increase of nearly three and a half points from last month. The ICTE is up more than five points from this time last year and is at its highest level since August 2008.
“Consumer expectations around tech spending continue to improve as we head into the important second half of 2009,” said DuBravac. “It appears that overall consumer spending has bottomed out as consumers continue to expect to buy more CE and expect to spend more on their CE purchases in the months ahead.”
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.
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