According to market researcher Numerator, consumer confidence dipped in July, with a score of 56.4 in its index, down 0.6 from June.
The score averages how consumers feel about the job market, their household finances and their spending comfort levels.
The July Financial Outlook Score was 50.7, down 0.5 from June, indicating that consumers feel neutral about their household finances. In considering conditions a year from now, 25% of consumers think their finances will be better than they are now, 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 Boomers+ are the least assured.
In the Numerator research for July:
- 39% of consumers said it’s very or somewhat easy to find employment in the current job market, while 28% said it’s somewhat or very difficult.
- 48% of consumers said their household’s financial situation is currently good or very good, down one point from June.
- 40% of consumers are very or somewhat comfortable spending money on discretionary purchases, which is also down one point from June.
- Consumers with spare cash said they’re putting money into savings, at 37%, and paying down debts, at 35%, while 12% of consumers said they do not have any spare cash, down 1.1 points from June.
- 30% of consumers said they plan on using spare cash to travel or go on vacation and 22% intend to make home repairs/improvements.
- Consumers, in their quest to save money, are shopping for items on sale, at 43%, using coupons/discount codes, at 42%, and cooking at home, at 42%.
