According to Prosper Insights & Analytics, consumer sentiment has declined in May, with 43.7% of respondents to its monthly survey saying they are very confident or confident in a strong economy.
The figure is down about three percentage points from April, Prosper stated, and below the figure recorded in May of last year, which was 48.6%.
The proportion of consumers who said they are focusing on what they need rather than what they want when it comes to purchasing gained month over month and, at 44.3%, was basically flat with May a year ago. More survey respondents said they have become additionally practical and realistic in purchasing versus April, reaching 39.6%, up about two points from the previous month and May 2015.
As for finances, upper middle and lower income consumers reported that they feel at least a little better about their savings positions since the recession, Prosper reported. Still, a third of consumers say they feel financially vulnerable, the study indicated, with almost half of survey respondents from lower income households saying they have a sense of financial insecurity.