CEA Issues 'Cautionary Note' on Holiday Spending on Lower September Consumer Confidence
Consumer confidence toward the overall economy remains flat, CEA said Tuesday, citing its Index of Consumer Expectations (ICE) for September. Expectations about technology spending rose slightly, it said. “In recent months, consumer attitudes toward tech purchases have mirrored overall sentiment,”…
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Chief Economist Shawn DuBravac said. If sentiment doesn’t pick up in October, DuBravac said, CEA expects to see “retailers and manufacturers seek to stoke demand in the coming weeks in advance of the holiday shopping season.” DuBravac cited a “volatile market correction last month” as a leading factor contributing to a flat consumer sentiment toward the overall economy in September. The CEA ICE showed an increase of 0.4 point overall for the U.S. economy to reach 170.5, while consumer technology spending expectations advanced 2.1 points to reach 88.8 in September, but was lower year over year, CEA said. “Depressed levels of sentiment serve as a cautionary note heading into the holiday season,” DuBravac said. “October’s CEA Index will be a key metric as we head into the final months of the year.”