Consumer confidence slipped in April, hit by decreased comfort in the job market, non-essential spending and the ability to make ends meet, according to Numerator.
The market researcher’s April Consumer Confidence Score was 56.9, down 0.4% from March. The score is an average evaluation of how consumers feel about the job market, their household finances and their comfort in spending. Four in 10 consumers stated that they believe it’s very or somewhat easy to find employment in the current job market, while 27% think it’s somewhat or very difficult. Among those ways they’re trying to save money, consumers are using coupons/discount codes at 43.7%, cooking at home at 42.9% and shopping for items on sale at 42.7%.
Still, in the Numerator study, 48% of consumers said their household’s financial situation is currently good or very good, down 1% from March, while 17% said their finances are poor or very poor, up 2% month over month.
In the current environment, 41% of consumers were very or somewhat comfortable spending money on discretionary purchases. However, many consumers with spare cash said they’ve been putting it in savings, at 36.3%, and paying down debts, at 32.9%.
As the weather warmed, 28.9% said they planned to use spare cash to travel or go on vacation, and 21.6% said they intended to make home repairs/improvements.
The April Financial Outlook Score was 50.5, down 0.4% from March, indicating that consumers feel neutral about their household finances. When looking ahead a year, 24% of consumers said they believe their finances will be better than they are now, 52% think they’ll be the same, and 23% think they’ll be worse. From a demographic perspective, Black and Gen Z consumers are the most optimistic about their financial situations, while White and Boomers+ consumers are the least.
