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Consumer technology spending index reaches record

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Consumer confidence in technology has reached its highest level since the Consumer Electronics Association Index was launched in 2007.

The CEA Index of Consumer Technology Expectations rose 9.3 points in December, reaching 97.3. The index is up 3.7 points from this time last year.

“Technology products are the most wanted gifts this holiday season, and we’ve seen a tremendous amount of activity, with several new product launches over the past few months,” Shawn DuBravac, CEA’s chief economist and senior director of research, said in a statement. “Consumers are increasingly dedicating a significant portion of their overall gift budgets to electronics, which has crowded out other categories for holiday gift spending.”

Consumer confidence in the overall economy also increased in December. The CEA Index of Consumer Expectations (ICE), which measures consumer expectations about the broader economy, reached 171.1 in November, up 8.5 points from the previous month and up 0.4 points year-over-year.

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