Prosper: Consumer Confidence Slipped As October Began

After rebounding for two months, consumer sentiment fell in early October, with 42.7% of consumers saying they are confident or very confident in the prospects for the economy, according to Prosper Insights & Analytics.

Prosper research a month ago determined that 46.1% of consumers were confident or very confident in the economic outlook for the United States.

The October figure is below the 13-month average of 44.7% and the figure for the month last year, 44.5%. More consumers, at 44.4%, are focused on needs this month than last and, an increasing number of consumers surveyed, at 38.8%, said they had become more practical in their purchasing, with both figures up slightly from September.

In its survey, Prosper asked consumers if they were concerned about political and national security issues, and the proportion that said they were, 22.5%, increased around half a point from September. However, the year over year gain in the concern rating was more substantial, as that figure came in at 16.5% in October 2015.

Despite some gloom in the market, consumers said they would spend more on Halloween this year, at $82.93, in comparison with last year’s survey, where respondents said they would spend, on average, $74.34.