Each month, Bespoke runs a survey of 1,500 US consumers balanced to census. In the survey, we cover everything you can think of regarding the economy, personal finances, and consumer spending habits. We’ve now been running the monthly survey for more than two years, so we have historical trend data that is extremely valuable, and it only gets more valuable as time passes. All of this data gets packaged into our monthly Bespoke Consumer Pulse Report, which is included as part of our Pulse subscription package that is available for either $39/month or $365/year. We highly recommend trying out the service, as it includes access to model portfolios and additional consumer reports as well. If you’re not yet a Pulse member, click here to start a 30-day free trial now!
The first chart below highlights the monthly results of two questions that we ask survey takers. The first asks them about their expected discretionary spending over the next few months, while the second asks them for their feelings towards their current financial situation. In our most recent monthly survey, we saw a continuation of the positive sentiment that respondents have felt about their financial situations. This is a key driver for expected discretionary spending over the next few months, which has also been increasingly positive in our survey. Over the next few months, we should see this trickle through to higher activity across all spending categories. While the fundamentals of consumer strength have also looked solid, we believe perceived financial condition is far more important, as the first chart below demonstrates.
Not only have respondents felt much better about their own financial condition recently, but they feel that they are in better financial condition relative to other consumers. The second chart below shows that perceived financial conditions relative to the average person has hit a new high in our survey series. While this may not seem significant, it indicates that “animal spirits” are really accelerating for the US consumer.
To track additional consumer sentiment trends, click here to start a 30-day free trial to our Pulse service now!