New figures show confidence levels among US consumers remain high, offering encouragement to boat builders heading into winter show season
Newly-released data for October shows consumer confidence remains high in the US, in spite of overall indications of a slowing economy.
The Consumer Confidence Index for October, released today, stands at 125.9, slightly below the September level of 126.3 but still well above the 1985 baseline of 100. The strong showing was welcomed by NMMA director of business intelligence, Vicky Yu.
“Consumer confidence is a core economic indicator for new recreational boat sales – if people are feeling confident, they’ll spend money,” said Yu. “The healthy levels of consumer confidence we’re seeing are good for the economy and when the economy does well, boating does well. NMMA monitors these levels closely and is pleased to see the continued health in consumer confidence as we prepare for the 2020 boat show season.”
Consumers’ assessment of current conditions improved somewhat in October, with those describing business conditions as “good” increased from 37.4% to 39.2% while those saying business conditions are “bad” decreased from 12.2% to 11.2%. Consumers’ assessment of the job market was mixed. Those saying jobs are “plentiful” increased from 44.5% to 46.9%, while those claiming jobs are “hard to get” increased slightly from 11.0% to 11.8%.