Consumer sentiment has rebounded significantly from early summer, with 46.1% of those surveyed by Prosper Insights & Analytics confident or very confident in the strength of the economy.
Consumer confidence in the economy of the United States fell sharply in July to a 41.1% rating before beginning to turn around in August, the market research firm said. The 46.1% rating also beats the 44.9% number reported in September, 2015. The proportion of consumers focusing on practical purchases, at 42.3%, and needs before wants, at 37.6%, fell from August but were still a bit higher than in September of last year.
In a holiday outlook, the proportion of consumers saying they would spend more on gifts as the year winds down gained slightly year over year as the percentage of people who said they would spend the same trended down slightly. The proportion of those who said they would spend less was relatively flat, Prosper indicated.
All told, Prosper suggested that the amount consumers would spend in the holidays on average would remain consistent with the past two seasons, at just about $600.