Consumer confidence sees small dip in July
Consumer confidence dropped slightly from June to July, despite increased retail sales in the month.
The July Consumer Confidence Score according to Numerator’s Consumer Sentiment Tracker was 56.4, a decrease of 0.6 from June. The figure is an average of how consumers feel about the job market, their household finances, and their spending comfort levels.
In July, more than two-thirds (39%) of consumers said it’s very or somewhat easy to find employment in the current job market. Meanwhile, 28% think it’s somewhat or very difficult. Almost half (48%) of consumers say their household’s financial situation is currently good or very good (-1 point vs. June), and 40% of consumers say they are very or somewhat comfortable spending money on discretionary purchases right now.
[READ MORE: Retail sales jump in July as consumers increased their spending]
Numerator says the July Financial Outlook Score was 50.7 (-0.5 from June), 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, while 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 baby boomers are the least optimistic.
Additional findings from the Consumer Sentiment Tracker include the following.
- Consumers with spare cash say they’re putting it in savings (37%) and paying down debts (35%), while 12% of consumers say they do not have any spare cash (-1.1 points vs. June).
- With the warmer weather, consumers are looking to get out of the house or fix up the house. Thirty-percent plan to use spare cash to travel or go on vacation, and 22% plan to make home repairs / improvements.
- To save money, consumers are shopping for items on sale (43%), using coupons/discount codes (42%) and cooking at home (42%).
Numerator’s Consumer Sentiment Tracker collects over 6,000 responses per month, and their abbreviated nature ensures high participation rates and fresh, reliable data each month.
