Consumer confidence continues to increase

Consumer confidence continues to be on the upswing, rising two points in March since January of this year.

That’s according to Numerator’s latest Consumer Sentiment Tracker, which surveyed over 6,000 Americans. Consumer confidence was up again in March, driven by increased comfort across the board, including with the job market, with non-essential spending, and with consumers’ ability to make ends meet. The March Consumer Confidence Score was 57.3, an increase of 1.6 from February, and the highest monthly figure since October of last year.

Despite higher spending comfort, consumers are increasingly looking for ways to save and are being conscious of their spending. Highlights from the Consumer Sentiment Tracker include the following insights:

• 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% from February).
• 41% of consumers are very or somewhat comfortable spending money on discretionary purchases right now (+3% from February).
• 19% say they do not have any spare cash right now, and those that do say they’re putting it in savings (36.3%) and paying down debts (31.9%).
• With warm weather approaching, consumers are looking to get out of the house or fix up the house, with 28.8% planning to use spare cash to travel or go on vacation (+1.5% from February), and 21.9% planning to make home repairs / improvements (+1.6% from February). 
• To save money, consumers are using coupons / discount codes (45%), shopping for items on sale (44%) and cooking at home (44%).

The March Financial Outlook Score was 50.9 (-1.0), signaling that consumers feel neutral about their household finances. Looking ahead one year from now, 24% of those surveyed 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 (62.6) and Gen Z consumers (56.9) are the most optimistic about their financial situations, while White consumers (48.3) and Baby Boomers (44) are the least optimistic.