Consumer confidence made marginal gains in November, according to the Numerator Consumer Sentiment Tracker.
Consumers remain careful with their money, according to the Numerator tracker. As a result, they are shopping for items on sale, at 42%; using coupons/discount codes, at 42%; and cooking at home, at 41%. Even with bargains available, not all consumers are ready to simply convert their income into spending. Consumers with spare cash say they’re putting it in savings, at 37%; and paying down debts, at 34%. Some 12% of consumers said they do not have any spare cash.
When it comes to the components of the tracker study, November confidence numbers pretty much held steady, with small increases in confidence regarding making ends meet, job market status and non-essential spending.
The November Consumer Confidence Score was 56.2, up 0.2% from October, expressed as an average of how consumers feel about the job market, their household finances,and their spending comfort, the market researcher reported.
In detail, Numerator indicated, the study revealed:
- 39% of consumers believe it’s very or somewhat easy to find employment in the current job market.
- 48% of consumers regard their current household finances as being good or very good.
- 40% of consumers are very or somewhat comfortable making discretionary purchases right now.
The November Financial Outlook Score was 57.4, up 5.1 points, indicating that consumers feel positive about their household finances, Numerator maintained. When asked what they think about their prospects one year from now, 34% said their finances would be better than they are now, 47% said they’ll be the same, and 19% said they’ll be worse. Many demographic groups contributed to the gain, especially Boomers, up 8.3 points, and White shoppers, up 7.8 pts, two demographics that have consistently felt the most negative recently. At the same time, Gen Z, down 1 point, and Black shoppers, down 3.8 points, both anticipated financial declines, though they remain among the most optimistic groups overall.
