Consumer Confidence Jumps in June
By: M. Scott Morris
Published: July 31st, 2024
Consumer confidence increased in June with households feeling more confident in their ability to make ends meet and more confident in the job market, according to the Numerator Consumer Sentiment Tracker. The report also showed an increased comfort with nonessential spending. The June Consumer Confidence Score was 57.1 (+0.3 vs. May), which is an average of how consumers feel about the job market, their household finances, and their spending comfort levels. Here's the latest:
- 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.
- 49% of consumers say their household's financial situation is currently good or very good (+1 point vs. May).
- 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 (36.2%) and paying down debts (33.3%). 13.2% of consumers say they do not have any spare cash (-2.9 points vs. May).
- With the warmer weather, consumers are looking to get out of the house or fix up the house. 30.1% plan to use spare cash to travel or go on vacation, and 20.8% plan to make home repairs/improvements.
- To save money, consumers are using coupons/discount codes (42.8%), shopping for items on sale (42.6%), and cooking at home (40.9%).
- The June Financial Outlook Score was 51.2 (+0.9), indicating that consumers feel neutral about their household finances. Thinking about one year from now, 25% think their finances will be better than they are now, 53% 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.
The Numerator Consumer Sentiment Tracker captures more 6,000 responses a month and provides a comprehensive monthly view of consumer confidence, spending & saving considerations, and future financial outlook.
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