ARLINGTON, Va.--(BUSINESS WIRE)--Consumer confidence toward technology spending surged in November ahead of Black Friday and the peak holiday shopping season, according to the latest data released today by the Consumer Electronics Association (CEA)®. Consumer sentiment toward the overall economy decreased slightly in November, but remains higher than last year.
Technology Spending
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, jumped 7.3 points in November to reach 94.3. The November 2014 index is 1.6 points above that of November 2013.
“Strong sentiment toward technology spending this month suggests tech will perform well during the year’s biggest shopping weekend,” said Shawn DuBravac, Ph.D., chief economist, CEA and author of CEA’s soon-to-be released book Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate. “Consumers appear to have held off slightly on tech purchases in October in preparation for holiday shopping, including Black Friday.”
According to CEA’s holiday outlook, total tech spending during the holidays will increase 2.5 percent – up from 0.9 percent growth in 2013 – to reach a record $33.76 billion during the entire 2014 holiday season.
Additionally, a record-breaking 103.3 million Americans will shop online between Thanksgiving and Cyber Monday this year, according to CEA’s 2014 Pre-Black Friday Report. CEA expects 36 percent of U.S. adults to buy tech over the holiday shopping weekend, a five percentage point increase over 2013. To view CEA’s full 2014 holiday outlook, visit CE.org/holiday.
Overall Economy
The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, fell 1.2 points from last month to reach 172.8 in November. The November 2014 index remains 4.8 points higher than November’s level last year.
“Consumers are heading into Black Friday and the Thanksgiving holiday shopping weekend feeling better about the overall economy than they did at this point last year,” said Dr. DuBravac. “Lower gasoline prices and healthy credit growth point to optimism heading into a key week of holiday sales.”
CEA will release results from its 2014 Post Black Friday Report and host a media call with Dr. DuBravac on November 30 at 1 PM ET/10 AM PT to review the findings. To participate in the call, please dial 800-734-8582. For more information, contact Danielle Cassagnol or Laura Hubbard.
The CEA Indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. To find current and past indexes, charts, methodology and future release dates, log on to CEAindexes.org.
About CEA:
The Consumer Electronics Association (CEA) is the technology trade association representing the $211 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media.
UPCOMING EVENTS
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CES Unveiled Las Vegas
January 4, 2015, Las Vegas, NV
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2015 International CES
January 6-9, 2015, Las Vegas, NV
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CES Unveiled Tokyo
February 18, 2015, Tokyo, Japan
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CEA Winter Break
March 5-8, 2015, Snowmass Village, CO
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2015 International CES Asia
May 25-27, 2015, Shanghai, China
