Hit by notable political and economic events, including the Brexit vote and subsequent stock market reaction, consumer confidence plunged in early July, according to Prosper Insights & Analytics.
Just over 46% of consumers reported that they were confident or very confident in the prospects for a strong economy in early June but that proportion fell to 41.1% in July, the market research firm reported. That proportion also was down from 45.2% in July 2015.
The proportion of consumers who reported that they were focusing purchasing on what they need rather than what they want increased to 42.9% in July from 41.8% in June while 38.7% said they were more practical in their purchasing versus 37.2% last month.
According to Prosper, about the same proportion of consumers month over month said they believe the economy will rebound, at 35.3%, while fewer thought it would not, at 27% from about 30% last month. The proportion that gained was the uncertain category, now at 37.4% from just over 35% in June.