October 19, 2020

Consumer Confidence Rises Again in October

by Jharonne Martis.

“As we near closer to the election, American consumer confidence is improving. With the unemployment rate dipping down 7.9%, a measure that has declined consecutively for five months, it is not unfeasible to see why people have become more optimistic about their current and future financial situation,” notes Chris Jackson of Ipsos. “More natural volatility should be anticipated as there are many factors that go into this metric, but as long as the unemployment rate continues to drop, we can expect to see this upward trend to continue.

Jharonne Martis, Director of Consumer Research at Refinitiv, said, “Coincidentally, digital spending is also improving. The pandemic has substantially accelerated the pace and shift to online shopping. U.S. retail ecommerce sales grew 29.6% in the first half of the year. This is expected to grow in further to 46.1% in the second half of the year, according to Refinitiv IFR.”

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