|
By: Kerry Pipes | 193 Reads | |
Consumers became a little less concerned with the state of the economy and the chance of an economic recession when Numerator’s latest Consumer Sentiment Study compared data collected in May to that from June. The organization’s monthly Consumer Sentiment Study keeps tabs on how consumers are feeling about the economy and other market influences.
Here are some key findings from the latest survey:
-Financial concern decreased in June – 54% of consumers reported a high level of concern regarding the economy, down 5 percentage points since May.
-66% of consumers feel as though the country is in an economic recession (vs. 67% in May), and 72% think inflation will increase in the next few months (vs. 66% in May).
-Over the next few months, 40% of consumers say their primary concern will most likely be personal finances (vs. 38% in May).
-73% of consumers say rising prices on essential goods and services is their main economic concern, followed by rising prices on gas/fuel (62%) (vs. 76% and 65% in May, respectively).
-1 in 5 consumers (20%) are concerned about job security/unemployment.
-28% of consumers are concerned about housing market stability and affordability.
-Consumers became slightly more comfortable with discretionary spending in June, with 69% of consumers reporting discomfort in splurging on premium or ‘luxury’ items (vs. 75% in May).
-In response to inflation and rising prices, consumers plan to cut spending on dining out (41%) and travel (38%).