Spending confidence heading to the holidays is on the rise as Millennials and Gen X continue to turn around their spending plans.
The gains in confidence to spend over the next 90 days bode well for a better holiday as expected by MacroSavvy™ (see forecast here).
The stronger confidence among younger shoppers—as well as slowing gains among older shoppers—will have an impact that differs by category at the same time it favors e-commerce spending over stores:
- Food & grocery. This was among the strongest categories in November, especially among a key generation. See the report below for more.
- Health & beauty. Confidence to spend on health and beauty lagged compared with food/grocery categories, but showed positive signs among key generations. See the report below for more.
- Clothing. Confidence to spend on clothing gained most among key generations. See report below for more.
- Electronics. Electronics lagged in terms of month-to-month gains in confidence to spend, although it has been among the strongest categories compared with a year ago. For more, see the report below.
- Homegoods. Homegoods also lagged a bit in terms of month-to-month gains in confidence to spend, but remains among the strongest categories compared with a year ago. See the report below for more.
- Leisure goods. Confidence to spend on these goods—including sporting goods, toys, music, and videos—grew slightly, but showed positive signs among key generations. See the report below for more.
These are among the takeaways from data through November from the Spending Confidence Index™, which is the proprietary index of consumer sentiment created by MacroSavvy™ based on data from Prosper Insights and Analytics™.
For more background about the Spending Confidence Index™ and its components, the white paper at this link explains why the new index is an improvement over existing measures of confidence.
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