Consumer Confidence Dips in April

By: M. Scott Morris
Published: May 20th, 2024

Consumer confidence was down in April. Consumers expressed concerns about the job market, nonessential spending, and their ability to make ends meet, according to the Numerator Consumer Sentiment Tracker that captures more than 6,000 responses a month and provides a comprehensive monthly view of consumer confidence, spending and saving considerations, and future financial outlook.

The April Consumer Confidence Score was 56.9 (-0.4 vs. March), which is an average of how consumers feel about the job market, their household finances, and their spending comfort levels.

The April Financial Outlook Score was 50.5 (-0.4), indicating that consumers feel neutral about their household finances. Thinking about one year from now, 24% think their finances will be better than they are now, 52% think they'll be the same, and 23% think they'll be worse. Black consumers and Gen Z consumers are the most optimistic about their financial situations while White consumers and Boomers are the least.

Here's a look at the numbers:

• 40% of consumers think it's very or somewhat easy to find employment in the current job market. Meanwhile, 27% think it's somewhat or very difficult.
• 48% of consumers say their household's financial situation is currently good or very good (-1% vs March). However, 17% say their finances are poor or very poor (+2%).
• 41% of consumers are very or somewhat comfortable spending money on discretionary purchases right now.
• Consumers with spare cash say they're putting it in savings (36.3%) and paying down debts (32.9%).
• With the warmer weather, consumers are looking to get out of the house or fix up the house; 28.9% plan to use spare cash to travel or go on vacation, and 21.6% plan to make home repairs/improvements.
• To save money, consumers are using coupons and discount codes (43.7%), cooking at home (42.9%), and shopping for items on sale (42.7%).

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