Survey: Consumer Confidence Drops in August
By: M. Scott Morris
Published: September 23rd, 2024
Consumer confidence decreased in August with declining levels of comfort across the board, according to Numerator. The August Consumer Confidence Score was 55.9 (-0.5 vs. July), 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 provides a comprehensive monthly view of consumer confidence, spending & saving considerations, and future financial outlook. Here’s the latest:
- The dip in consumer confidence was driven in large part by a drop in the job market score, which is in line with recent jobs reports: 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.
- 48% of consumers say their household’s financial situation is currently good or very good (no change vs. July).
- 41% of consumers are very or somewhat comfortable spending money on discretionary purchases right now (+1 point vs. July).
- Consumers with spare cash say they’re putting it in savings (37%) and paying down debts (34%), and 12% of consumers say they do not have any spare cash.
- With schools back in session, fewer people are using spare money to vacation or travel (28%, -1.9 points vs. July).
- To save money, consumers are shopping for items on sale (42%), cooking at home (42%), and using coupons/discount codes (40%).
- The August Financial Outlook Score was 50.8 (+0.1), 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, 51% think they’ll be the same, and 24% think they’ll be worse. Black consumers and Gen Z consumers are the most optimistic about their financial situations, while White consumers and Baby Boomers and older are the least.
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