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Consumers are 7% less confident about their financial outlook this August than they were the same time last year, according to the latest WalletHub Economic Index. Consumers are feeling an increased level of financial stress, decreasing financial optimism, and weaker sense of job security. There was one glimmer of positive news in the report: consumer home-buying interest has increased.
The monthly survey evaluates economic prospects based on 10 components of consumer sentiment, measuring how people feel about their finances, purchasing plans, and employment opportunities.
Here are the key findings of the August report:
-Consumers’ stress levels regarding money are higher (+7.1%) in August 2023 compared to the same period last year.
-In August 2023, consumers’ likelihood of making a large purchase in the next six months is about 7% lower than it was last year.
-In August 2023, consumers’ optimism about their finances recorded a moderate decrease from the previous month. At the same time, the level of optimism decreased by more than 6% in the past year.
-The share of consumers who expect to buy a car in the next six months is roughly 6% lower in August 2023 compared to last year.
-People’s confidence in having a job in the next six months is lower (-5.2%) in August 2023 compared to last year.
-Home-buying interest among consumers increased by over 4% in August 2023 compared to last year.