According to the Prosper Insights & Analytics monthly Consumer Snapshot study, consumer sentiment slid in July. The study, conducted earlier this month, cited rising gas prices as a potential cause for the four-point drop to 45.2%.
Although a low point for 2015, Prosper asserted, the figure is up from 42% as recorded in July 2014.
More consumers said they had become increasingly practical and realistic in their purchases in July versus the month previous, up about three points to about 40.8%, and that they were more focused on needs rather than wants, up about a point-and-a-half to 46.6%, Prosper related. However, those figures are down slightly from a year ago.
As for economic outlook, 34.8% of respondents to the study look for a rebound, essentially flat from July 2014. Although fewer respondents said they flat out don’t expect a rebounding economy, more expressed uncertainty year-over-year, Prosper pointed out. Younger consumers expressed more confidence about an economic rebound while those over age 45 express more uncertainty, the market research firm added.