Survey: Consumer Confidence Holds Steady in May
By: M. Scott Morris
Published: June 19th, 2024
Consumer confidence held steady in May with consistent levels of comfort across the board, according to a survey released by Numerator. The May Consumer Confidence Score was 56.8 (-0.1 vs. April), 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 survey verified buyers to understand shifts in consumer behavior. Newly refreshed and powered by a continuous survey to a consumer panel, the Numerator Consumer Sentiment Tracker captures more than 6,000 responses a month and provides a comprehensive monthly view of consumer confidence, spending and 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. Meanwhile, 27% 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. April).
- 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 (38%) and paying down debts (34%).
- With the warmer weather, consumers are looking to get out of the house or fix up the house with 30.3% planning to use spare cash to travel or go on vacation, and 22.8% plan to make home repairs/improvements.
- To save money, consumers are shopping for items on sale (45.5%), using coupons/discount codes (44.7%), and cooking at home (43.9%).
- The May Financial Outlook Score was 50.3 (-0.2), indicating that consumers feel neutral about their household finances. Thinking about one year from now, 24% think their finances will be better than they are now, 52% 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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