Late last week we published our April Bespoke Consumer Pulse Report. For those unfamiliar with Pulse, we run a monthly survey of 1,500 US consumers (statistically significant population sampling) asking them 75 questions surrounding the economy, personal finances, and spending habits. One of the questions we ask is “Generally speaking, how do you currently feel about the economy.”
In order to show the broad-based increase we’ve seen in economic confidence since our survey began, below we have created trackers for 8 different income groups, and compared their confidence between last July and this month. As a reminder, our trackers take a weighted average of confidence between 1 (Very Negative) and 5 (Very Positive) with a reading of three indicating a neutral reading. What’s more important, in our view, is the change over time in these trackers, rather than their absolute level.
The charts below show that confidence gains have been widespread among our survey respondents, with only one of the eight income groups showing a lower reading than last July. Overall confidence remains in a positive trend, but it’s being driven by every segment of the consumer market. The first chart compares trackers for now versus July, broken out by income group. The second shows the change from 9 months ago to now, with each income group’s bubble size corresponding to the percentage of respondents falling into that income group. As shown, the largest groups (those between $25,000 and $100,000 in household income) have all seen robust gains, as have the very poor. The strongest gains have come from those with incomes at the top of the ladder, but they are not drastically skewing results for all respondents given their smaller numbers.
Interesting data for sure. To see more of our unique survey analysis, sign up for a 5-day free Pulse trial or give us a call at 914-315-1248.