The Numerator Consumer Sentiment Tracker study revealed consumer confidence slipped slightly in May as consumer financial outlooks weighed heavier.
Consumers were a bit more inclined to spend on discretionary goods in May, the market researcher observed. Still, the financial outlook reading dropped, according to Numerator, reaching its lowest level since 2022 as consumers confront rising gas prices. The May Financial Outlook Score was 48.1, down 0.8 points month over month. More shoppers believe their finances will be worse than better in a year’s time than better, at 27% and 23% respectively, while half of consumers polled for the study said they expected finances to remain the same.
Overall, the May Consumer Confidence Score, an average of shopper sentiments about the job market, household finances and spending comfort levels, was 54.1, down 0.4 month over month but still above the 50 breakeven between positive and negative inclinations.
Numerator pointed to other insights including:
- 39% of consumers are very or somewhat comfortable spending money on discretionary purchases right now, up a point year over year.
- 47% of consumers said their household’s financial situation is currently good or very good, flat year over year.
- 36% of consumers think it’s very or somewhat difficult to find employment in the current job market, up four points year over year.
- 33% of consumers said they are spending less overall, down a point year over year.
Consumers with spare cash said they’re putting it in savings (34%), paying down debts (31%) and/or using it for vacationing or traveling (27%), while 13% said they do not have any spare cash, up 0.6 point from May of last year, according to Numerator.
