Consumers Have Big Purchases in Their Sights

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57%: That’s the share of Americans who plan to buy a major appliance within the next 6 months

The Balance

That’s the share of Americans who plan to buy a major appliance within the next six months—the highest since 2017, and one of many signals in the latest Conference Board poll that consumers still feel optimistic about the economy and their own finances despite rising prices.  

Expectations for making major purchases like refrigerators and washing machines as well as homes and cars all rose from the month before, with more people saying they planned to buy autos in the next six months than at any time since 2019, according to the Conference Board’s Consumer Confidence Survey for July, released Tuesday.

The overall index of consumer confidence, which factors in feelings about the present as well as future expectations, rose for the sixth straight month, hitting its highest level since February 2020 and surprising economists who had expected it to decline.

“Higher confidence suggests that consumer spending should support robust growth in the second half of this year,” said Priscilla Thiagamoorthy, an economist at BMO, in a commentary.

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