Consumer Confidence Dips in October

By: M. Scott Morris
Published: December 3rd, 2024

Consumer confidence decreased slightly in October with declining levels of comfort across the board. According to The Numerator Consumer Sentiment Tracker, the October Consumer Confidence Score was 56.0 (-0.4 vs. September), which is an average of how consumers feel about the job market, their household finances, and their spending comfort levels. Here's a look at the numbers:

• 38% of consumers think it's very or somewhat easy to find employment in the current job market. Meanwhile, 30% think it's somewhat or very difficult.
• 47% of consumers say their household's financial situation is currently good or very good.
• 40% of consumers are very or somewhat comfortable spending money on discretionary purchases right now, and 32% are somewhat or very uncomfortable.
• Consumers with spare cash say they're putting it in savings (38%) and paying down debts (34%) while 13% of consumers say they do not have any spare cash.
• To save money, consumers are shopping for items on sale (42%), using coupons/discount codes (41%), and cooking at home (40%).
• The October Financial Outlook Score was 52.4 (+0.8), indicating that consumers feel neutral about their household finances. Thinking about one year from now, 27% think their finances will be better than they are now, 51% think they'll be the same, and 22% 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.

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