Source: prosperinsights.com
US consumer confidence slightly increased over the past few months but the long-term difference between genders continues. According to data from Prosper Insight and Analytics, 43% of males responded that they were confident or very confident when they were asked in June 2020 about their feelings regarding the chances of a strong economy during the next six months, while only 31% of females felt the same way. These percentages have increased since they posted the largest ever decrease in consumer confidence in April, where only 39% of males and 25% of females were confident or very confident in the economy.
The percentage difference is relatively constant across years but the fact that consumer confidence among females is only 31% will likely have consequences in the coming months. Females represent half of the US population but drive the majority of the consumer spending.
This lower confidence is reflected in the steps that females reported they are going to take in the short-term. When female consumers were asked to choose which were their financial plan or plans in the next three months 27% responded that they will both decrease overall spending and pay down debt. Conversely, only 21% of males answered that they will decrease overall spending and only 24% said they will pay down debt. Both genders agree on increasing savings.
In addition, males and females have different views regarding the stock market. While 17% males want to buy stocks in the next three months, only 7% of female want to buy. However, some of this desire could be driven by short term profits through trading rather than long term investments given that 7% of males also reported that they plan to sell stocks.
According to Prosper’s CEO, Gary Drenik, “Now more than ever, investors need to pay attention to differences in gender, generations and other key things like region of the country when looking for the map leading to alpha. Also, just because someone claims a data set represents something about consumers, doesn’t always mean that it really does.”
Prosper’s Monthly Consumer Survey is conducted online among more than 7,000 respondents. The survey is collected monthly and is balanced to the U.S. Census data which makes it representative of the population of adults 18 years and older in the U.S. It delivers the most timely, predictive and actionable information on where consumers are shopping across 25+ retail categories as well as over- arching macro market conditions.
To learn more about the data behind this article and what Prosper Insights and Analytics has to offer, please reach out to Neil at neil@tgpinsights.com.
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