- Consumer Confidence Toward Tech Spending sees Thanksgiving Shopping Surge.
- People have spent 1.6 points more on tech this time than last year.
It was noted by CEA that the spending in tech products are high this season. People are yet to make more purchases on Black Friday and reports for Pre and Post Black Friday will record the index markings in sales
Its holiday season and people look to be in a festive mood. With low petrol prices and better health conditions for citizens thanks to the White House; people are getting hot and heavy with their Christmas shopping. Isn’t that what Christmas is about other than love and family of course but let’s admit it’s a stronger family with presents in the equation.
It has been interesting to see the spending trends of the shoppers in a past few decades and for good reason because by this time instead of buying pearls and toys, people are spending more and more on tech products. The tech spending has reached a new time high point this year.
Consumer Electronics Association has made a report before the Black Friday to notify that consumer confidence has definitely increased in tech spending. The CEA’s Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending has made a jump of 7.3 points in November. That gives tech spending a total of 94.3 aggregate which is 1.6 points more than November of 2013.
Shawn DuBravac, Ph.D., chief economist, CEA commented that the consumer interest in tech spending will be on all time high this holiday season. Although they did hold out on purchases in October, perhaps in preparation for their holiday shopping, November has been recorded to make record breaking tech purchases.
“Strong sentiment toward technology spending this month suggests tech will perform well during the year’s biggest shopping weekend,” said Shawn DuBravac, Ph.D., chief economist, CEA and author of CEA’s soon-to-be released book Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate. “Consumers appear to have held off slightly on tech purchases in October in preparation for holiday shopping, including Black Friday.”
According to the CEA Pre-Black Friday report, 103.3 million Americans would be shopping online out of which 36.6 % are expected to make tech purchases. That will be a 5% increment over the statistics of November, 2013.
CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy; has recorded a 1.2 point fall from last month but it is still 4.8 points higher than last year.
“Consumers are heading into Black Friday and the Thanksgiving holiday shopping weekend feeling better about the overall economy than they did at this point last year,” said Dr. DuBravac. “Lower gasoline prices and healthy credit growth point to optimism heading into a key week of holiday sales.”
Dr. DuBravac on November 30 at 1 PM ET/10 AM PT will review the findings of a Post Black Friday Report depicting the Tech spending overall. For updates on the index, the report is updated every fourth Tuesday of each month.