The Numerator Consumer Sentiment Tracker indicated consumer confidence edged up in February.
The market research firm reported its February Consumer Confidence Score came in at 55.7, up 0.4% from January, as shoppers became more comfortable with discretionary spending. The Consumer Confidence Score averages how consumers feel about the job market, their household finances and their spending comfort levels.
In more detail from February, the tracker study revealed:
- 27% of consumers think it’s somewhat or very difficult to find employment in the current job market.
- 47% of consumers say their household’s financial situation is currently good or very good, up 2%.
- 38% of consumers are very or somewhat comfortable spending money on discretionary purchases right now, up 1%.
- 22% of consumers say they do not have any spare cash right now, but those that do are putting it in savings, at 36.8%; paying down debts, at 32.6%; and applying it to vacation/travel at 27.4%.
To save money, consumers are cooking at home, at 45.3%; using coupons/discount codes, at 43.8%; and shopping for items on sale, at 43.6%, according to Numerator.
The February Financial Outlook Score was 51.8, down 0.6%, as consumers felt neutral-to-optimistic about their household finances. In looking ahead one year from now, 25% of consumers said they think their finances will be better than they are now, 53% think they’ll be the same, and 22% think they’ll be worse, Numerator reported. Black and Gen Z consumers are the most optimistic about their financial circumstances, while White consumers and Baby Boomers Plus are the least.
