CEA: Both Measures of Confidence Down Slightly
The Consumer Electronics Association's measures of consumer confidence for both technology and the overall economy fell slightly in May, a drop largely attributed to the rise in gas prices.
The CEA Index of Consumer Expectations (ICE) dropped two points over last month- and flat to the year-ago level- while the CEA Index of Consumer Technology Expectations (ICTE) fell by one point to, to a level 10 points higher than the same time last year.
“Consumers are taking a wait-and-see approach given renewed economic concerns in the face of higher gas prices,” Shawn DuBravac, CEA’s chief economist and director of research, said as part of the announcement. “If prices at the pump remain high during the summer driving season, expect something to give as consumers will either cut back significantly on driving or find other places to cut spending.”