“Consumers are taking a wait-and-see approach given renewed economic concerns in the face of higher gas prices,” said Shawn DuBravac, CEA’s chief economist and director of research. “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.”
Consumer confidence in technology is also slightly down in May. The CEA Index of Consumer Technology Expectations (ICTE) fell a little more than one point this month to 81.2. However, the ICTE, which measures consumer expectations about technology spending, is nearly 10 points higher than this time last year.
