Consumer confidence in the economy reached its lowest level in the history of the CEA-CNET Index in July, while confidence in technology dropped slightly, according to figures released today by the Consumer Electronics Association (CEA) and CNET. The CEA-CNET Index of Consumer Expectations (ICE) fell to 157.3 this month, an all-time low. The indexes began tracking in January 2007. The ICE, down 5.5 points from last month, measures consumer expectations about the broader economy. It is down more than eight points from this time last year.
"The overall mood of consumers continues to be cautious," said Anne Claudio, vice president of research at CBS Interactive. "A variety of factors are weighing heavily on consumers and their feelings towards the economy."
Consumer confidence in technology showed a slight decrease this month. The CEA-CNET Index of Consumer Technology Expectations (ICTE) fell more than half of a point to 82. The ICTE, which measures consumer expectations about technology spending, is up 5.4 points from last year.
"Although there were several new and innovative technology products launched this month, consumers seem uncertain about purchasing consumer electronics," said Claudio. "This may be a wait-and-see approach, as parents and children prepare for the school season and may purchase more for necessity rather than luxury."
The CEA-CNET Indexes are comprised of the ICE and ICTE, both of which are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. CEA and CNET have been tracking index data since January 2007. To find current and past indexes, charts, methodology and future release dates, please log on to: CEACNETindexes.org.