Consumer confidence continued to tick upward in March, with several metrics improving, according to the Numerator Consumer Sentiment tracker.
The strengthening confidence was driven by increased comfort in the job market, with non-essential spending, and with consumers’ ability to make ends meet, the report noted.
The February Consumer Confidence Score was 57.3, up 1.6 points from the previous month. The figure represents how consumers feel about household finances, the job market, and their spending comfort levels.
The report added that two out of five respondents said it’s very or somewhat easy to find a job in the current market, and nearly half (49%) believe their financial situation is good or very good, up 2% from the previous month.
Another 41% are very or somewhat comfortable making discretionary purchases, up 3% from the previous month.
About one in five respondents (19%) said they have no spare cash now. Meanwhile, 36.3% are putting their excess cash into savings, and 31.9% are paying off their debts.
Consumers are getting ready for warm weather, with 28.8% preparing to use some of their spare cash for a vacation, and 21.9% planning to make repairs to their homes.
Despite the positive news, consumers are still somewhat skeptical about what lies ahead. Numerator’s March Financial Outlook Score dipped 1 point to 50.9.
Twenty-three percent believe their finances will worsen by this time next year, while 24% think they will improve. Fifty-three percent believe they will remain the same.
