According to the May monthly reading from Prosper, consumer confidence is flat month-over-month but up year-over-year. Planned spending on retail and dining, purchase intentions for autos, and consumer impulsivity are all rising.
- Among Adults 18+, the May Consumer Confidence reading is at 48.6%, which is relatively flat compared to last month (49.0%) and up 18% from May 2014 (41.0%). Small Business Owners are tracking even higher with a May reading of 54.2%, although down from last month (56.4%).
- The May Consumer Spending Forecast is up to 83.23 from 81.97 in April and 81.31 in May of 2014. The retailers whose customers are at the high end of the Consumer Spending Forecast are: Gap, Old Navy, Target, Macy’s and Amazon Shoppers.
- The Prosper Auto Outlook for May is up 14% from April and up 15% from May of 2014, suggesting that May auto sales will be up from both last month and last year. Ford, Chevrolet and Honda are the top three brands being considered by people planning to buy a vehicle in the next six months.
- At 2.86, the Prosper Impulsivity Score is flat month-over-month (vs. 2.85 in April 2015), but up year-over-year (vs. 2.79 in May 2014). Dr. Martin Block of the Medill School at Northwestern finds the year-over-year increase significant because the growth “means there is a substantial attitudinal response to the state of the economy and perhaps a symptom of the rise in social and mobile media. Note that at the same time that [the Impulsivity Score] is increasing there is rising ‘no brand preference’ and social media usage, but decreasing ‘linear’ TV consumption.”
Prosper Consumer Confidence
ABOUT: Consumer confidence is based on respondents who indicated that they are either confident or very confident in the chances of a strong economy during the next six months.
Prosper Consumer Spending Forecast
ABOUT: The Prosper Consumer Spending Forecast is an advanced predictive analytic derived from two established databases (the Bureau of Labor Statistics’ Consumer Expenditure Survey and Prosper’s Monthly Consumer Survey) and represents consumers’ intended spending levels over the next 90 days in 20 retail categories. The consumer intentions data for the 20 categories is weighted by age and gender to reflect the U.S. population and then weighted to reflect the actual percentage of total retail expenditures for each of the categories.
Prosper Auto Outlook
ABOUT: The Prosper Auto Sales Outlook provides marketers with directional insight into lightweight vehicle sales both month-over-month and year-over-year. Prosper applies their proprietary algorithm to commerce data sets on lightweight vehicle sales and Prosper’s unique purchase intentions data to derive the Auto Outlook
Prosper Impulsivity Score
ABOUT: The Prosper Impulsivity Score is an indicator of how much, or how little, consumers are living in the moment when it comes to their spending habits. Highly correlated with many key government data series, the Impulsivity Score is a key indicator of how consumers will be spending.
To view these and additional insights, please visit: www.forbesexecutiveinsightcenter.com (Registration is required for complimentary access.)
Gary Drenik is CEO of Prosper Insights & Analytics, a company that prides itself on turning data into evidence-based solutions for the C-Suite. www.ProsperDiscovery.com
Disclaimer: Prosper makes no warranties, either expressed or implied, concerning: data gathered or obtained from any source; the present or future methodology employed in producing PI&A statistics; or the PI&A data and estimates represent only the opinion of Prosper and reliance thereon and use thereof shall be at the user’s own risk.
This article was written by Gary Drenik from Forbes and was legally licensed through the NewsCred publisher network.