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Consumer confidence toward technology spending and the overall economy both increased in November, according to the data released by the Consumer Technology Association (CTA), formerly the Consumer Electronics Association (CEA).
The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, jumped 8.8 points to 92.1 in November, a bigger leap than has been historically seen this time of year.
“Consumer sentiment traditionally moves higher in advance of Black Friday and the prime holiday shopping season,” said Shawn DuBravac, chief economist at CTA. “Black Friday sales have already started and will accelerate as more consumers report they plan to purchase video game consoles, televisions and tablets, among other tech items during this holiday season.”
According to CTA’s 2015 Pre-Black Friday Survey, a record-setting 91 million Americans expect to purchase tech or tech accessories during Black Friday Week (the Monday before Thanksgiving through Cyber Monday). In total, a record 155 million U.S. consumers plan to shop during Black Friday and the surrounding week, with more than 70 percent of those shoppers planning to shop online.
The CTA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, increased 2.7 points from October to reach 172.6.
“Consumer confidence toward the overall economy increased in November, remaining on par with CTA Index levels from last year,” said DuBravac. “Apprehensions about the economy remain but consumers seem confident going into the most popular holiday shopping period.”