While the fundamental forces of shopping behavior are economic — including income levels, credit, wealth, job prospects and confidence — there’s another force that has a tremendous impact on how, when, where and even why people shop: technology.
With well over 30 million smartphones and tablets in the country, it is easier than ever for consumers to find ways to connect with their favorite brands and service providers.
One of the barometers of consumer expectations around technology spending is produced monthly by the Consumer Electronics Association. The CEA Index of Consumer Technology Expectations is a forward-looking indicator derived from a monthly survey that provides users valuable information about the purchase of consumer electronics over the ensuing months.
With the 2015 holiday season just around the corner, I’m already assessing what the trends will be around spending on new iPhones, tablets and other electronics. My colleague Shawn DuBravac, chief economist at the CEA, noted recent readings of their index indicate a steady pace of spending in the near future.
NRF’s holiday forecast comes in early October and like we do every season, we’ll be keeping a close eye on spending in this area.
This month’s full report includes these highlights:
August retail sales, excluding autos, gas and restaurants, advanced 0.2 percent from July and are up 2.6 percent on a year-over-year basis.
The University of Michigan consumer sentiment index dropped 6 points to 85.7 in September.
The August headline consumer price index decreased 0.1 percent following a 0.1 percent gain in July and a 0.3 percent increase in June.
Gross Domestic Product
The second estimate of second quarter GDP surged to 3.7 percent following the initial estimate of 2.3 percent.
The National Association of Home Builders Index of Builder Sentiment rose to 62 in September, gaining 1 point from the previous month.
Private sector payrolls increased by 140,000 in August. Overall employment(public and private sectors combined) increased by 173,000 in August.
Retail Jobs and Openings
Employment in August, excluding automobiles, gas stations and restaurants, increased 6,700 to 12.87 million jobs seasonally adjusted, a gain of 202,000 from August 2014 employment.
Personal Income and Spending
Personal income increased 0.4 percent in July while personal spending increased 0.3 percent.
Leading Economic Index
The Conference Board’s Leading Economic Index increased by 0.1 percent in August and is 4.0 percent higher than August 2014.