ARLINGTON, VA -- Consumer confidence in the overall economy moved up sharply in May, according to new figures from the Consumer Electronics Association. The data also show that consumers continue to feel more confident about future spending on technology and consumer electronics.

The CEA-CNET Index of Consumer Expectations climbed in May, reaching 174.6, up nearly six points from last month. The ICE, which measures consumers’ confidence in the overall economy, is at its highest level since February 2008 and up over 11 points year-over-year.

“We see significant indications that consumers believe an economic recovery is underway,” said Shawn DuBravac, CEA’s director of research and economist, in a statement. “Consumers are showing increasing signs of optimism as both their outlook for the economy and their personal financial health improve.”

Confidence in technology and consumer electronics also reached its highest level of the year.The CEA-CNET Index of Consumer Technology Expectations (ICTE) climbed to 81.1, an increase of nearly four points from last month. The ICTE, which measures consumer confidence in technology and consumer electronics, is nearly eight percent higher than the same period last year.

“Consumer spending on technology appears to have bottomed,” said DuBravac. “While the economy continues to deteriorate, albeit at a slower rate, consumer spending generally and specifically consumer spending on technology are likely beginning to rebound, which is inline with the timing of consumer spending in past recessions.”

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