Consumers feel more than 22% more confident about their financial outlook this month than they did one year ago, according to the latest WalletHub Economic Index, released today.
The WalletHub Economic Index is based on a monthly survey that evaluates economic prospects based on ten components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans and employment opportunities, according to WalletHub.
Other key findings, according to WalletHub:
- Real estate popularity rise: In May 2024, home-buying interest among consumers increased by more than 31% compared to last year, hitting the highest level recorded since December 2020.
- Increasing interest in auto purchases: The share of consumers who expect to buy a car in the next six months is more than 30% higher in May 2024 versus the year-earlier period.
- Large purchases are a priority: In May 2024, consumers’ likelihood of making a large purchase in the next six months is about 22% higher than last year. The likelihood registered the highest level since December 2020.
- Credit score security: The share of consumers who expect their credit score to increase in the next six months is more than 10% higher in May 2024 versus last year. Consumers’ confidence in increasing their credit score registered the highest level since December 2020.
- Increase in optimism: In May 2024, consumers’ optimism about whether their finances will improve in the next six months increased by some 10% compared to last year, registering the highest level since December 2020.
