Consumer confidence toward the overall economy and tech spending decreased over the past month, according to the latest data released today by the Consumer Technology Association (CTA)™ – formerly the Consumer Electronics Association (CEA)®.
The CTA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, decreased 3.1 points in February to 172.1.
“Financial conditions worsened this month across a number of metrics – the U.S. dollar, stock values and corporate profits,” said Shawn DuBravac, Ph.D., chief economist, Consumer Technology Association. “GDP estimates suggest near zero growth in the fourth quarter of 2015, and growth will remain below trend to start the year. Consumer sentiment is turning despite a strong foundation for consumer spending coming from employment gains, wage growth and solid consumer wealth.”
The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, decreased 3.0 points to 84.9 in February.
“We see a definite loss of economic momentum around the world, but consumer fundamentals are still relatively strong,” said DuBravac. “Globally, we’re tracking continued weakness in Europe, China and other international markets. But U.S. consumers remain more resolute – continuing to carry the country’s economy and, more broadly, the global economy.”
The CTA Indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. Find current and past indexes, charts, methodology and future release dates, on the CTA Indexes page.