TV Buying Plans Plunge; Consumer Confidence Lowest in 6 Months
Consumer intentions on buying new TV sets plunged in August from July, according to preliminary Conference Board data released Tuesday. Tech research company Toluna canvassed 3,000 U.S. homes through Aug. 25, finding 10.4% plan to buy a new TV in…
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the next six months, down from 13% in July but up slightly from 10% in August 2020, said the board. Consumer confidence in August fell to its lowest level since February, as concerns about the COVID-19 delta variant and rising gas and food prices “resulted in a less favorable view of current economic conditions and short-term growth prospects,” it said. Though the resurgence of COVID-19 and inflation concerns “have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead,” said the board.