MIAMI–Another month, another new reading on how consumers feel about their finances, with the latest WalletHub Economic Index finding consumers are 22% more confident about their financial outlook this month than they did one year ago.
WalletHub said its Economic Index is based on a monthly survey that evaluates economic prospects based on 10 components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans and employment opportunities, according to the company.
The Findings
Among the new findings:
- Real estate popularity rise: In May 2024, home-buying interest among consumers increased by over 31% compared to last year, hitting the highest level recorded since December 2020.
- Increasing interest in auto purchases: The share of consumers who expect to buy a car in the next six months is over 30% higher in May 2024, compared to last year.
- Large purchases are a priority: In May 2024, consumers’ likelihood of making a large purchase in the next six months is roughly 22% higher than last year. In addition, the likelihood registered the highest level since December 2020, WalletHub reported.
- Credit score security: The share of consumers who expect their credit score to increase in the next six months is over 10% higher in May 2024, compared to last year. At the same time, consumers’ confidence in increasing their credit score registered the highest level since December 2020.
- Increase in optimism: In May 2024, consumers’ optimism about whether their finances will improve in the next six months increased by roughly 10% compared to last year, registering the highest level on record since December 2020, according to Wallethub.
The complete report can be found here.
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