Consumer confidence toward the overall economy and technology spending both decreased slightly in May, according to the latest data released today by the Consumer Electronics Association (CEA).
The CEA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, decreased 2.4 points from April to 173.7. However, May’s ICE remains higher year-over-year, as it has since May of 2009.
“There is mounting apprehension around the economy,” 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. “The decline in sentiment toward the overall economy is likely due to consumers starting to internalize some of those concerns.”
The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending also decreased in May, slipping 2.1 points to 86.6.
“The rising economic concerns consumers are experiencing has spilled into tech spending in May,” said Dr. DuBravac.