Consumer sentiment toward technology spending and the overall economy decreased in March – but both indexes remain higher for the month on a year-over-year basis, 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 4.8 points in March to 87.9, but remains 1.5 percentage points above March 2016.  
 
“Despite an aggregate decline around sentiment to buy tech, respondents are showing a higher inclination to spend more on tech in the coming months than they reported last March,” said Shawn DuBravac, Ph.D., chief economist, CTA.
 
Overall Economy
The CTA Index of Consumer Expectations (ICE), measuring consumer sentiment about the U.S. economy as a whole, decreased in March by 2.9 points to 182.1. The ICE remains 1.9 percent higher on a year-over-year basis. While the labor market remains firm, respondents showed slightly less optimism in their own job prospects this month.    
 
“The drop in consumer sentiment this month appears to be largely driven by declining optimism that the economy will be better off in the coming year,” said DuBravac. “In recent weeks, the stock market has lost some momentum. While respondents aren’t indicating they expect the economy to be worse off in the near future, a weak equities market coupled with other indicators are likely holding back overt optimism.”
 
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.