After hitting a six-year low in August, consumer confidence firmly beat expectations and rebounded in September. The Conference Board, a think tank, reported Tuesday that its consumer confidence index rose to 101.8 — a jump from 86.3 in August — and surpassed analysts’ forecasts of a slight increase.
Confidence was much higher among those earning at least $50,000 a year.
Confidence was much higher among those earning $50,000 or more per year. The strong turnaround in that category, which makes up approximately 62% of households in the United States, according to the Census Bureau, could offer some hope for the coming holiday season.
There is near consensus across the consumer ecosystem that the upcoming holiday shopping season will begin early and be more spread out this year, as consumers adapt to the pandemic. The rebound in confidence may give a much-needed boost to consumer spending in the early fall, which coincides with Amazon Prime Day and other early holiday shopping promotions this year.
For more information on how the coronavirus is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.
