Consumer confidence on Tech spending hits highest levels since 2012

ALBANY (Scrap Monster): According to latest figures released by the Consumer Electronics Association (CEA), consumer sentiment towards technology spending in July this year has reached its highest levels since 2012.

The CEA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, increased by 4.1 points in July to reach 95.3, its highest level since the 2012 holiday season and peak for that year. And the CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, increased by 0.6 points from last month to reach 171.3 in July, the highest level so far in 2014.

In its report released last week, CEA had projected that revenues from emerging product categories will grow by 242 percent year-over-year in 2014. CEA’s consensus, which covers more than 100 CE products serving as a benchmark for the consumer electronics (CE) industry, also predicts revenues for the entire industry are projected to reach a record high of $211.3 billion, driven in part by the skyrocketing sales of connected devices.

The CEA Indexes comprise the ICE and ICTE, both of which are updated on a monthly basis through consumer surveys.