Consumer Expectations for Holiday Spending Dropped in October, Says CEA Index
Consumer expectations for holiday tech spending slipped in October by 3.2 points, said CEA’s latest Index of Consumer Technology Expectations, released Tuesday, while their sentiment toward the overall economy improved. The findings suggest “some tech buying was pulled into September…
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with recent product releases,” said Shawn DuBravac, CEA senior director-research, who called the decline “surprising” given a solid economic outlook. Consumers could be taking a “wait-and-see approach, building up for November and the holiday shopping surge,” he suggested. The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, grew by 5.3 points from last month, said the association. DuBravac said the overall sentiment toward the economy showed “surprising resiliency” in the face of continued geopolitical concerns and volatility in the U.S. financial market. “Signs that consumers are shrugging off uncertainty supports a positive holiday outlook overall,” he said. CEA’s 2014 holiday outlook calls for tech spending to improve 2.5 percent -- up from 0.9 percent growth in 2013 -- to reach $33.76 billion, which would be the highest levels of consumer spending on tech since CEA began tracking holiday spending in 1994, it said.