What:  The month of July has seen a +6 points surge in terms of customer confidence

Why is it important:  Inflation is still a concern for all customers, but so far, so good as consumption remains strong.

In July, the Conference Board Consumer Confidence Index surged by nearly six points to 117.0, reaching its highest level in two years and driven by a significant increase of over 8 points in the future expectations component.

Although the consumer mood is optimistic, concerns about a recession slightly increased, with around 70.6% of consumers viewing a recession as likely within the next year.

Purchase intentions varied, reflecting a pragmatic spending approach, with plans to spend less on discretionary services like travel and more on essential services like healthcare.

Consumer inflation expectations for the next 12 months dipped slightly to 5.7%, reflecting a decline in current headline inflation, but maintaining caution about ongoing inflation concerns.

US consumer confidence soars in july