After falling from its peak for the past 12 months reached in March, consumer sentiment almost reached the same heights in June, according to Prosper Insight & Analytics. In its ongoing study, which it conducts early each month, the market research firm noted that 49.7% of consumers felt confident or very confident about prospects for the economy.
Besides advancing from last month, consumer sentiment gained 18% from June of last year, Prosper related.
Consumers aren’t exactly ready to go on a spending spree, even if they aren’t cinching down on the purse strings. Slightly more consumers said they were focused on purchasing products they need rather than those they want, at 44.8%, than was the case in May. At the same time, though, slightly fewer consumers said they were more practical and realistic about purchases, at 37.4%. A slightly greater proportion of consumers this June said they wanted to pay down debt, at around a third, and increase their contribution to savings, at about 27%, than was the case last June, Prosper asserted.
Relatively low gas prices have brightened the outlook of many consumers, but, according to Prosper, 50.9% of consumers said fuel prices are having no major impact on them. Still, versus last June, a small but growing contingent of consumers told Prosper that they planned to increase staple and discretionary spending.