Consumer Confidence Toward Overall Economy and Tech Spending Hits Record Highs
ARLINGTON, VA — Consumer sentiment toward the overall economy and technology spending reached record highs for the month of February, according to the latest data released today by the Consumer Electronics Association.
The CEA Index of Consumer Expectations, which measures consumer expectations about the U.S. economy as a whole, increased 3.3 points from January to reach 181.2. Additionally, this month’s ICE jumped 13.6 points year-over-year and reached its highest level for the month of February since the CEA Index began tracking in 2007.
“U.S. economic growth is poised to sustain a run of above-trend growth over the next few quarters,” said Chief CEA Economist Shawn DuBravac. “Desirable financial conditions continue to develop with improved household net worth, strengthening income and consumer spending growth. Employment gains are also adding to the jump in consumer confidence.”
The CEA Index of Consumer Technology Expectations, which measures consumer expectations about technology spending, jumped 6.0 points in February to reach 94.9. This month’s level is 10.7 points higher year-over-year and stands as the highest level for the month of February since the CEA Index began tracking in 2007.
“While consumer sentiment is prone to seasonal variation during this time of the year, the February 2015 levels are extremely strong,” said DuBravac. “Key tech categories continue to exhibit better-than-expected strength, such as TV sales, including 4K Ultra HDTV.”
According to CEA’s semi-annual industry report, U.S. Consumer Electronics Sales and Forecasts, unit shipments of 4K UHD displays are projected to reach four million in 2015 (a 208 percent increase). Revenue from 4K UHD displays is expected to exceed $5 billion in 2015, more than double its 2014 total (a 106 percent increase).
The CEA indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. To find current and past indexes, charts, methodology and future release dates, log on here.