ARLINGTON, Va.--(BUSINESS WIRE)--Consumer confidence toward technology spending increased in April, while consumer sentiment toward the overall economy saw a slight decline, according to the latest data released today by the Consumer Electronics Association (CEA)®.
Technology Spending
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, increased 2.2 points in April to 88.7.
“Consumer sentiment toward tech spending experienced a slight increase in April, likely driven by excitement around new products shipping this spring, particularly within the smart watch category,” said Shawn DuBravac, Ph.D., chief economist, CEA and author of the New York Times best-seller Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate.
According to CEA’s semi-annual industry report, U.S. Consumer Electronics Sales and Forecasts, revenue from smart watches is expected to exceed $3.1 billion in 2015 (a 474 percent increase), while unit shipments of smart watches are projected to reach 11 million this year.
Overall Economy
The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the U.S. economy as a whole, decreased 2.3 points from March to 176.1. However, this month’s ICE remains higher year-over-year for the month of April since the CEA Index began tracking in 2007.
“As we saw at this time last year, consumer confidence is down slightly from March, but I expect U.S. economic growth to accelerate heading into the coming months,” said DuBravac. “A decline in sentiment is consistent with the deceleration in domestic final demand we saw early in the year. As the weather continues to improve and general financial conditions continue to recover – albeit, unevenly – consumer sentiment should improve.”
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 $286 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative and regulatory 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 CE.org, InnovationMovement.com and through social media.
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