Feb 23, 2010, 10:08am

Consumer confidence in the overall economy dropped in February, according to the latest figures released today from the Consumer Electronics Association (CEA)® and CNET (www.cnet.com).

After reaching a seven month high in January, the CEA-CNET Index of Consumer Expectations (ICE) dropped nearly eight points this month to 165.2. The ICE, which measures consumer expectations about the broader economy, is down more than seven points from last month and is at its lowest level since October 2008. Year-over-year, the ICE is down less than a point.

“Consumers remain wary as the economy continues to find its footing,” said Shawn DuBravac, CEA’s chief economist and director of research. “Consumers remain concerned over the employment market and their own personal financial health in the months to come.”

The CEA-CNET Index of Consumer Technology Expectation (ICTE) also fell in February to 82.0, down nearly two points from last month. The ICTE remains high despite falling three consecutive months after reaching an all-time high in November 2009. The ICTE is up more than thirteen and a half points from this time last year.

“Technology continues to show its resiliency despite concerns regarding the overall direction of the economy,” said DuBravac. “Consumers remain willing to spend on technology, showing tech remains key to overall economic recovery.”

The CEA-CNET Indexes are comprised of the ICE and ICTE, both of which are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. CEA and CNET have been tracking index data since January 2007. To find current and past indexes, charts, methodology and future release dates, log on to www.CEACNETindexes.org.

About CNET:

CNET (www.cnet.com) is where people go to discover the latest in tech and consumer electronics. Driven by a trusted voice and a passionate community, CNET creates an open environment for people to find and use the best products to fit their lifestyle. The powerful combination of CNET's award-winning news, lab-tested product reviews, safe and spyware-free downloads, and user-generated content give people information and inspiration to live and thrive in a life gone digital.

About CEA:

The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $165 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also sponsors and manages the International CES – Where Entertainment, Technology and Business Converge. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org.

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