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Consumer confidence rebounds

At the ending of 2023, consumer confidence experiences a significant uptick, buoyed by a surge in optimism concerning business, job opportunities, labour conditions, and income prospects. The latest data from The Conference Board's Consumer Confidence Index for December reveals a marked improvement, reinstating expectations akin to those observed back in July.

Photo © Brett Critchley |

In a notable climb, the Confidence Index surged to 110.7, a notable increase from November's revised figure of 101. Simultaneously, the Expectations Index exhibited an even more pronounced surge, leaping to 85.6 from November's revised 77.4.

While the renewed optimism reverberated across various age groups and income brackets, the most significant gains were evident among households led by individuals aged 35-54 and those with incomes surpassing $125,000.

Despite the overall positive outlook, a considerable portion of consumers remains wary, with around two-thirds expressing concerns about a potential economic downturn in 2024. However, the consumer survey also signaled encouraging trends in buying plans, with increased intentions to purchase cars, homes, and high-value appliances, culminating in a more optimistic close to the year.


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