Passing along an updated view on the US consumer from our monthly tracker, which just finished collecting responses this morning. Please let us know if you have any questions about the report.
Open Report:Bespoke – US Monthly Consumer Update
Key Takeaways:
- Inflation expectations are off series highs set in March of 2022, but up a touch in May compared to April.
- Consumer discretionary spending plans have softened sequentially and have turned net negative in recent months.
- Consumer confidence in the economy has softened in recent months and is net negative, on balance.
- Sentiment toward personal finances is close to neutral, which is a softening relative to series highs set in 2021.
- The % of consumers noticing higher gas prices sits at series highs.
- Likelihood of purchasing a new home and a vehicle both have come down in recent months (back to levels we observed right before the pandemic).
- Credit card holders say they have more debt now relative to a year ago (throughout our surveys history, more often than not consumers have been more likely, on balance, to say they have less credit card debt compared to a year ago).
- Retail investor view of the stock market has declined and is close to series lows. Expectations for increases in interest rates have grown and willingness to take on risk has softened.
- Bitcoin interest / sentiment is flat m/m, which is a softening relative to series highs set in October of 2021.
- Covid concerns continue to ease.
Key Charts: