Good news for retailers! Consumer confidence was up in June, according to the Prosper Consumer Spending Forecast, an analytic that pulls in stats from the Bureau of Labor Statistics’ Consumer Expenditure Survey and Prosper’s Monthly Consumer Survey.
Fifty-four percent of consumers said they were “confident” or “very confident” in the economy, which represents a 2-point hike from May, and an 8-point bump from last June, according to the report.
“From a historical perspective, this month’s figure is the most optimistic sentiment recorded for June within the last decade,” read the report.
But the numbers appear to be a mixed bag. While consumers’ outlook is sunny, they reportedly didn’t plan to spend more or less than in months prior. In June, 37 percent of those polled said they’ve become “more practical with their purchases”—lowering less than a percentage point from May and on par with June 2016.
“Just over two in five indicate that they are zeroing in on just the necessities when shopping, flat from May and less than half a point below June 2016,” write the report’s authors.
The study also gauged what perks consumers were responding to online, and found that “while low prices and free shipping are important across all cohorts, Gen X and Boomers seem to be more price sensitive with the latter generation honing in on free shipping as well.”
Meanwhile, millennials “index below average for each of these attributes.” But they’re very into another online service—same-day delivery; 46 percent of millennials rated same-day shipping as “very important” or “important,” compared to 39 percent of total shoppers.
(Image courtesy of Yellow Pages)