October Consumer Confidence Index® Drops

Consumer SpendingOn Tuesday, the Conference Board reported Consumer Confidence Index® dropped from 46.4 in September to 39.8.  It was broken down by the Present Situation Index decreased to 26.3 from 33.3 and the Expectations Index declined to 48.7 from 55.1 last month.

The September figures was a rise over the August figures and September was a hope that consumers felt the economy was beginning to improve.  October’s figure begins to put that into question from the business perspective.

 The Board stated that those expecting business conditions to improve over the next six months decreased to 9.1% from 11.8%, while those expecting business conditions to worsen edged down to 21.5% from 21.9%.

Consumers’ outlook for the job market was mirroring the business conditions results. Those who stated that more jobs would be expected in the months decreased slightly to 11.3 % from 11.9%, while those expecting fewer jobs decreased to 27.4% from 28.6%. The proportion of consumers anticipating an increase in their incomes declined to 10.3% from 13.5%.

For all of this, business owners need to understand what their customers see the economy is, regardless of its reality.  How are you working within your businesses to make sure customers are spending money? 

–J. Nolfo helps companies understand their customers though a variety of market research strategies.  He has over ten years of experience of market research for strategic planning purposes.  He is the Director of Research at Rhino Market Research.  He shares his thoughts about market research with his blog “Pensare…Understanding Market Research in Business“.  If you would like to discuss this blog or how J. can help you understand your customers, email him at jnolfo@ymail.com.

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About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

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