Consumer plans to spend on technology rose more than four points in August, reaching the highest level since January on the Consumer Electronics Association (CEA) Index of Consumer Technology Spending, said the organization.
The index reached 84.4 points, up 4.6 points over the same time last year.
“Consumers continue to show interest in spending on technology despite an uncertain economic outlook,” said Shawn DuBravac, CEA’s chief economist and director of research. “As consumers pull back spending in other categories, technology continues to benefit.”
But consumer confidence in the overall economy dropped for the fourth straight month. The CEA Index of Consumer Expectations (ICE), which measures consumer sentiment about the broader economy, dropped 0.3 points to 158.8. That’s the lowest level since reaching an all-time low of 157.8 in August of 2010.
“Consumer sentiment continued to fall this month as unrest with the economic landscape and volatility in the financial markets grew,” said DuBravac. “Interestingly, despite the instability on Wall Street, consumers are showing some optimism that things will improve over the next year.”