Even during a post recession economy with incredibly high unemployment rates, spending on consumer electronic devices manages to soar.
The Index of Consumer Expectations (ICE) is one of those strange terms that just floats around without ever really being explained. Essentially, it’s just what it sounds like. It measures consumer confidence in the economy, and is used to predict consumer spending patterns. If people are pretty confident they’ll still have a job next year, they’ll spend more.
The ICE is down again this month, to the lowest level since summer of 2008. However, the Index of Consumer Technology Expectations (ICTE) – created in 2007 to specifically track tech spending – has reached an all time high.
The increases in the ICTE have been significant, climbing over 14 points from October’s numbers for a 93.5. Around 80% of consumers are looking to receive consumer electronics as gifts this holiday season, the highest number in the survey’s history.
Partnered with CNET, the CEA runs this index monthly, and the results of this month’s survey is particularly heartening to both. “This holiday shopping season is shaping up to be a digital one with consumers looking to purchase technology gifts,” says CEA’s Shawn DuBravac. “November’s index results show consumers are eagerly anticipating purchasing electronics on Black Friday and during the rest of the holiday shopping season even with a difficult overall economic picture.”
Source: CEA/CNET (pdf)