Based on a poll conducted earlier this month, Prosper Insight & Analytics stated that consumer sentiment fell in January from a 12-month high in December. But with 52.3% of consumers feeling confident or very confident in the prospects for a strong economy, it was up considerably from the month last year, when the figure was 42.5%.
The 52.3% number also is up from the 13-month average of 45.5%.
Consumers surveyed by Prosper have become more practical and need-oriented in their purchasing, coming closer to the 13-month average for those issues. The proportion of consumers who said they’ve become more practical in their purchasing rose to 37.2%, up three points from December and one point from the month last year, Prosper asserted, and those saying they are more focused on what they need rather than what they want rose to 42.8%, up five points from December and flat from the 2016 month.
Although consumer outlook for economic progress has been improving, Prosper noted, a significant proportion of consumers believe the recession will impact their lifestyles through 2022. Around a third consumers said, as regards their lifestyle choices, they would try to stick to a budget, consider each purchase more carefully, be price conscious when buying apparel and food, avoid large credit card debt, and spend less on dining out. The response figures are down substantially from those Prosper recorded in January of 2010 but are about flat with the month last year.
