U.S. consumer confidence regains most of its recent losses

Current and investment sentiment rebounds as Omicron recedes and stock market rallies

The author(s)

  • Nicolas Boyon Senior Vice President, US, Public Affairs
  • Catherine Morris Data Journalist, US, Public Affairs
  • James Diamond Senior Research Manager, Public Affairs
  • Rhett Laffoon Senior Research Analyst, Public Affairs
  • Hailey Foster Research Analyst, Public Affairs
Get in touch

Washington, DC, February 10, 2022 – Losses in consumer sentiment seen in late January have been nearly erased as this week’s Ipsos-Forbes Advisor U.S. Consumer Confidence Tracker is up 3.8 points and reads at 56.1. This puts sentiment back at levels comparable to those seen between early December and mid-January.

Improvement in outlook may be a reflection of falling COVID cases and the recent stock market rally. Meanwhile, comfort with household spending also recovers, as close to half now say they are comfortable with making both major and other household purchases as compared to six months ago.

This week’s tracker includes a series of questions around the public’s banking preferences and favorite mobile feature. A majority of Americans do their banking digitally, either on their bank’s a mobile app or its website. Consumers rank transferring funds between accounts, mobile check deposit, and viewing statements and account balances as their banking app’s most valuable features.  


Read the full story from Forbes Advisor here.

Learn more about the Ipsos Global Consumer Confidence Index and sub-indices via the interactive portal, Ipsos Consolidated Economic Indicators (IpsosGlobalIndicators.com) including graphic comparisons, trended data and all the questions on which they are based.


Detailed Findings

1. Scoring at 56.1, the latest Overall Consumer Confidence recovers 3.8 points from two weeks ago.

  • The Overall Confidence Index is currently 2.3 points above the pandemic average, and 4 points below where it stood in early March 2020, prior to the first lockdowns (60.1).

2.The Investment and Current sub-indices see late January’s steep declines almost entirely reversed with gains of 6.0 and 6.1 points, respectively. The Expectations Index recovers 2.8 points.

3. Jobs sentiment shows slight improvement as the Jobs Index gains 2 points from late January.

  • The proportion of Americans surveyed who say they are more confident in their job security now compared to 6 months ago is at 56%, up 7 points from two weeks ago.
  • The proportion of those who report they, a family member, or a personal acquaintance lost their job in the past six months due to economic conditions is at 27%, up 3 points from two weeks ago.
  • In addition, 36% say it’s likely they, a family member, or a personal acquaintance will lose their job in the next six months due to economic conditions, down 5 points from two weeks ago.

4. Each of transferring funds between accounts, mobile check deposit, and viewing statements and account balances is cited by 30% of all adults surveyed as the most useful feature on their primary bank’s mobile app. Bill pay, cited by 22% ranks fourth. Only 23% say they don’t use their bank’s mobile app. Mobile check deposit and bill pay see a small decline in perceived value compared to last year, down 5 and 6 points, respectively.

5. A majority of Americans prefer to do their banking digitally, as 41% of those surveyed say their bank’s mobile app is their preference and 37% their bank’s website.

6. Comfort with making major and other household purchases relative to six months ago recovers after late January’s drop, with close to half now saying they are more comfortable with both.

  • 45% say they are more comfortable making major household purchases compared to six months ago, up 8 points from two weeks ago.

  • 48% say they are more comfortable making other household purchases compared to six months ago, up 9 points from two weeks ago.

Questions

The data used for the Consumer Confidence index and sub-indices is based on the following questions:

1. Now, thinking about our economic situation, how would you describe the current economic situation in US? Is it… very good, somewhat good, somewhat bad or very bad?

2. Rate the current state of the economy in your local area using a scale from 1 to 7, where 7 means a very strong economy today and 1 means a very weak economy.

3. Looking ahead six months from now, do you expect the economy in your local area to be much stronger, somewhat stronger, about the same, somewhat weaker, or much weaker than it is now?

4. Rate your current financial situation, using a scale from 1 to 7, where 7 means your personal financial situation is very strong today and 1 means it is very weak

5. Looking ahead six months from now, do you expect your personal financial situation to be much stronger, somewhat stronger, about the same, somewhat weaker, or much weaker than it is now?

6. Compared to 6 months ago, are you NOW more or less comfortable making a major purchase, like a home or car?

7. Compared to 6 months ago, are you NOW more or less comfortable making other household purchases?

8. Compared to 6 months ago, are you NOW more or less confident about job security for yourself, your family and other people you know personally?

9. Compared to 6 months ago, are you NOW more or less confident of your ability to invest in the future, including your ability to save money for your retirement or your children’s education?

10. Thinking of the last 6 months, have you, someone in your family or someone else you know personally lost their job as a result of economic conditions?

11. Now look ahead at the next six months. How likely is it that you, someone in your family or someone else you know personally will lose their job in the next six months as a result of economic conditions?

Additional questions:

1. When using your primary bank's mobile app, which feature have you found to be the most valuable within the last year?

  • Transferring funds between accounts
  • Mobile check deposit
  • Viewing statements and account balances
  • Bill pay
  • Peer-to-peer payment
  • Finding nearby ATMs
  • Budgeting and tracking tools
  • Cardless ATM withdrawal
  • None of these
  • I don't use my primary bank's mobile app
  • I don't have a bank account

2. Which of the following methods do you prefer to do your banking?

  • Mobile app (via smartphone or tablet)
  • Bank’s website (via internet browser)
  • In-person at local branch
  • ATM
  • Phone
  • Mail

About the Study                                                      

These findings are based on data from an Ipsos survey conducted February 7-8, 2022 with a sample of 916 adults aged 18-74 from the continental U.S., Alaska, and Hawaii who were interviewed online in English.

The sample was randomly drawn from Ipsos’ online panel, partner online panel sources, and “river” sampling and does not rely on a population frame in the traditional sense. Ipsos uses fixed sample targets, unique to each study, in drawing a sample. After a sample has been obtained from the Ipsos panel, Ipsos calibrates respondent characteristics to be representative of the U.S. Population using standard procedures such as raking-ratio adjustments. The source of these population targets is U.S. Census 2016 American Community Survey data. The sample drawn for this study reflects fixed sample targets on demographics. Post-hoc weights were made to the population characteristics on gender, age, race/ethnicity, region, and education. 

Statistical margins of error are not applicable to online non-probability polls. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. Where figures do not sum to 100, this is due to the effects of rounding. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of plus or minus 4.0 percentage points for all respondents. Ipsos calculates a design effect (DEFF) for each study based on the variation of the weights, following the formula of Kish (1965). This study had a credibility interval adjusted for design effect. For n=916, DEFF=1.5 and adjusted Confidence Interval=+/-5.5 percentage points.

Findings from March 2010 to early March 2020 are based on data from Refinitiv /Ipsos’ Primary Consumer Sentiment Index (PCSI) collected in a monthly survey on Ipsos’ Global Advisor online survey platform with the same questions. For the PCSI survey, Ipsos interviews a total of 1,000+ U.S. adults aged 18-74. The Refinitiv/Ipsos Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings, and confidence to make large investments. The PCSI metrics reported each month consist of a “Primary Index” based on 10 questions available upon request and of several “sub-indices” each based on a subset of these 10 questions. Those sub-indices include a Current Index, an Expectations Index, an Investment Index, and a Jobs Index. 

Findings for January 2002- February 2011 are based on data from the RBC CASH Index, a monthly telephone survey of 1,000 U.S. adults aged 18 and older conducted by Ipsos with a margin of error of +/- 3.1 percentage points.

For more information on this news release, please contact:

Chris Jackson

Senior Vice President, US

Public Affairs

+1 202 420 2025

[email protected]

Kate Silverstein

Media Relations Specialist, US

Public Affairs

+1 718 755 8829

[email protected]  

About Ipsos

Ipsos is the world’s third largest Insights and Analytics company, present in 90 markets and employing more than 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.

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The author(s)

  • Nicolas Boyon Senior Vice President, US, Public Affairs
  • Catherine Morris Data Journalist, US, Public Affairs
  • James Diamond Senior Research Manager, Public Affairs
  • Rhett Laffoon Senior Research Analyst, Public Affairs
  • Hailey Foster Research Analyst, Public Affairs

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