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Consumer Confidence Toward Tech Spending Dips, Overall Economy Confidence Surges in November, Shows CTA Indexes

Arlington, VA – November 22, 2016 – 

Consumer confidence toward tech spending decreased in November, while confidence toward the overall economy increased, according to the Consumer Technology Association (CTA)™ Indexes.
 
Technology Spending
            The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, dropped 8.9 points in November to 77.8.
 
“In advance of Black Friday Week, a segment of the population is reporting a lower inclination to spend on tech compared to last month,” said Shawn DuBravac, Ph.D., chief economist, CTA. “This is likely a temporary deviation from strong technology appetite expected for Black Friday Week and the holiday season. We expect this will dissipate as holiday sales and promotions accelerate in the coming days.”
 
The outlook for tech during the holiday season looks strong overall. A record-setting 116 million Americans – almost half the U.S. adult population – plan to purchase tech or tech accessories during Black Friday Week (the Monday before Thanksgiving through Cyber Monday), according to CTA’s 2016 Pre-Black Friday Survey. Over the course of the entire holiday season, CTA projects tech spending will increase 3.1 percent over last year – driven mostly by an increase in online and mobile spending.
 
Overall Economy
            The CTA Index of Consumer Expectations (ICE), measuring consumer sentiment about the U.S. economy as a whole, increased by 10.5 points in November to reach 184.7.
 
“November saw strong gains in overall economic sentiment, both monthly and on an annual basis,” said DuBravac. “Retailers and manufacturers have begun their big push for the holidays, and colder weather in parts of the country should help draw crowds out during Black Friday Week.”
 
            The CTA Indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. Find current and past indexes, charts and methodology on CTA Indexes.

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