Consumer Confidence on Tech Spending, Overall Economy Down Slightly, Says CTA
January 24, 2017
Article Summary
Consumer confidence toward technology spending and the overall U.S. economy both decreased slightly in January, but confidence in the economy saw a significant year-over-year increase, according to the Consumer Technology Association (CTA)™ Indexes.
Consumer confidence toward technology spending and the overall U.S. economy both decreased slightly in January, but confidence in the economy saw a significant year-over-year increase, 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, decreased 0.3 points in January to 88.8. But the January 2017 index is higher year-over-year.
"Despite slight seasonal declines last month, January's tech spending index is up year-over-year and bodes well for the year ahead," said Shawn DuBravac, Ph.D., chief economist, CTA. "As our semi-annual industry report shows, increasing consumer enthusiasm for the Internet of Things and adoption of emerging technology will drive the U.S. consumer technology industry to record-high retail revenues in 2017."
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Overall Economy
The CTA Index of Consumer Expectations (ICE), measuring consumer sentiment about the U.S. economy as a whole, decreased 1.6 points in January to 187.6. That level is a significant increase over January 2016 - a 12.4 point jump.
"January saw small seasonal declines since December, but year-over-year the U.S. economy is in a decidedly stronger place in 2017," said DuBravac.
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.
Technology Spending
The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, decreased 0.3 points in January to 88.8. But the January 2017 index is higher year-over-year.
"Despite slight seasonal declines last month, January's tech spending index is up year-over-year and bodes well for the year ahead," said Shawn DuBravac, Ph.D., chief economist, CTA. "As our semi-annual industry report shows, increasing consumer enthusiasm for the Internet of Things and adoption of emerging technology will drive the U.S. consumer technology industry to record-high retail revenues in 2017."
.
Overall Economy
The CTA Index of Consumer Expectations (ICE), measuring consumer sentiment about the U.S. economy as a whole, decreased 1.6 points in January to 187.6. That level is a significant increase over January 2016 - a 12.4 point jump.
"January saw small seasonal declines since December, but year-over-year the U.S. economy is in a decidedly stronger place in 2017," said DuBravac.
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.