Technological advancements and new devices are taking the world by storm. Shoppers are increasingly buying the latest and most improved gadgets, which has led to an all-time high in consumer confidence.

According to Retailing Today, the recent Index of Consumer Technology Expectations from the Consumer Electronics Association (CEA) revealed that the highest levels for consumer confidence in technology products were reached in September, coming in at 92.4. This is a 4.9 point increase from the previous month. Additionally, overall confidence in economic conditions also improved, as the CEA's Index of Consumer Expectations is at 172.2 for September. This represents a rise of 15.4 points from the same time last year, the source notes.

"This month's measure of sentiment is at levels typically only seen during the height of the holiday buying season, an indication that consumers are likely to buy and spend more on tech in the weeks ahead," said Shawn DuBravac, CEA's chief economist.

Perhaps one event that contributed to these high levels of confidence was the release of Apple's iPhone 5, the latest and most up-to-date smartphone from the tech giant. Unwired View reports that Apple announced that it has sold more than 5 million devices since its release on September 21.