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Friday, December 09, 2016

Shopping Isn't the Big Story This Holiday Season

Holiday shopping season may be upon us, but the real story this month is the boom in economic confidence.

In the month since Donald Trump was elected president, consumers have become far more confident not just in the current state of the economy but in its direction as well.

Thirty-three percent (33%) of adults now rate the economy as good or excellent, up two points from last month. It is only the second time this year that confidence has reached that level and the second highest rating since May 2015. Those who rate the current state of the economy as poor dropped a whopping nine points to 23% this month and is at its lowest level since the Consumer Spending Monitor started in April 2014.

Consumers are even more confident when it comes to economic direction. Thirty percent (30%) now say that they expect the economy to continue getting better over the next year, the highest level of confidence since August of 2015. Although 33% still say they expect a worsening economy, this finding is down 12 points from last month and is the lowest level of pessimism since January 2015.

It's interesting to note however, that just because consumers feel good about the economy doesn't mean they're ready to claim victory with their own pocketbooks. Confidence in the current state of personal finances as well as the direction of personal finances remained flat.

For more information on Rasmussen Reports consumer spending and economic data, send an e-mail to info@rasmussenreports.com.