PALO ALTO, Calif.--Technology Consumer Confidence Index -TCCI- Shows Strong Gains on All Fronts in October
Tech-Economy.org, the leading provider of economic indicators for 21st century business announced today the October results for its Technology Consumer Confidence Index (TCCI). TCCI jumped in October on all fronts. The index now stands at 1.52 overall (up from 1.13 in September). TCCI is at 1.73 for corporate consumers (up from 1.46); and at -0.18 for home consumers (up from -0.25 in September).
The level of consumer confidence with regards to technology has steadily increased over the past 6 months according to TCCI. The index has hit a new level of high, which has not been seen since January of this year. Although general consumer confidence (as reported by Conference Board Consumer Confidence Index) and Technology Consumer Confidence for the Home Sector show very similar trends, the Corporate Sector of Technology Consumer Confidence keys in on a substantial amount of technology spending in our nation which is not captured by a general consumer confidence.
The biggest gains in Technology Consumer Confidence come from the Corporate Sector, with an increase of almost 30 points for the month. Due largely to the increase in Corporate Planned IT Hiring which has hit a 12-month high. This continues to add to the favorable job market over the next month moving into the holiday season. October was a month of ups-and-downs on Wall Street but the overall trend still points to a rebounding economy. Most analysts agree the recovery is definitely underway but it's happening in fits-and starts.
In the Home Sector of TCCI, we still see an overall negative confidence level, but it has increased from last month, showing a continuous positive trend since April of this year. There was a 5% increase in hardware/software spending plans this month: 50% of our respondents indicated plans to purchase hardware or software in the month of October, which is up 20% over the past 6 months.
TCCI is a critical new measure for technology consumer confidence indicating spending plans for both corporate and home consumers. Each month Tech-Economy.org conducts a survey of IT professionals on their technology purchase plans for the next month. This includes both company (TCCI-Corporate) and personal (TCCI-Home) purchases.
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