Consumer confidence toward the overall economy and technology spending dropped in August, according to the latest data released today by the Consumer Electronics Association (CEA)®.
Overall Economy
The CEA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, dropped 3.7 points from July to 170.1. July's ICE also tracks lower for July year-over-year.
"August's drop in sentiment toward the overall economy comes in the midst of a significant stock market correction," 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. "Despite gathering storm clouds, some indicators suggest signs of strength and resiliency. Looking ahead, consumer spending is pointing to healthy growth in the coming quarters."
Technology Spending
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, dropped 1.7 points to 86.7 in August.
"Viable concerns are now present heading into the back half of the year on the trail of slowed economic growth," said DuBravac. "Yet, historical precedence suggests that consumer tech spending shows resiliency in times of economic decay, as consumers opt to stay home and focus their consumption on tech-related categories. 2015 could materialize in a similar way."
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