According to a Consumer Snapshot from market research firm BIGinsight, consumer confidence reached a five-year high in a poll taken earlier this month. Consumers feeling confident or very confident in the economy grew to 39.7% in this month up from 35.7% in October.
As the holidays approach, only 43% of consumers say they are focused on pragmatic purchases this month, down five points from October, and the lowest November reading that BIGinsight has taken since November, 2007. At the same time, 50.2% of respondents to BIGinsight’s monthly survey report that they still concentrate on just the necessities in their purchasing. Although that accounts for half of consumers, the figure is down six points from October and below November readings for the past four years.
In terms of consumer purchasing intention over the next 90 days, most of the categories BIGinsight tracks were up from last month with the exception of grocery and health and beauty aids, which were flat, women’s dress apparel and shoes, which were down. Also down were home furniture and home décor, although both categories were up versus the two previous Novembers.