Consumer Confidence Moves Up in March
By: M. Scott Morris
Published: April 15th, 2024
Consumer confidence ticked up in March. It was driven by increased comfort in the job market, nonessential spending, and consumers' ability to make ends meet. The March Consumer Confidence Score was 57.3 (+1.6 vs. February), which is an average of how consumers feel about the job market, their household finances, and their spending comfort levels.
Numerator tracks purchase data and surveys verified buyers to understand shifts in consumer behavior. The Numerator Consumer Sentiment Tracker captures more than 6,000 responses a month and provides a comprehensive monthly view of consumer confidence, spending & saving considerations, and future financial outlook. Here's the latest:
- 40% of consumers think it's very or somewhat easy to find employment in the current job market.
- 49% of consumers say their household's financial situation is currently good or very good (+2%).
- 41% of consumers are very or somewhat comfortable spending money on discretionary purchases right now (+3%).
- Fewer than one in five consumers (19%) say they do not have any spare cash right now. Those with spare cash say they're putting it in savings (36.3%) and paying down debts (31.9%).
- With the warmer weather, consumers are looking to get out of the house or fix up the house: 28.8% plan to use spare cash to travel or go on vacation (+1.5%), and 21.9% plan to make home repairs/improvements (+1.6%).
To save money, consumers are using coupons and discount codes (45%), shopping for items on sale (44%), and cooking at home (44%).
- The March Financial Outlook Score was 50.9 (-1.0). Consumers feel neutral about their household finance. When predicting about one year from now, 24% expect 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.
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