Consumer confidence toward spending has been volatile over the last four months as attitudes toward current and future business conditions and the labor market were negative in September, brightened in October and November, but deteriorated again in December, according to the Conference Board.
The Consumer Confidence Index is a monthly survey that measures consumer confidence in business conditions, the economy, and the labor market, conducted by tech firm Toluna for the Conference Board, a non-partisan, not-for-profit think tank.
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November was a good month for consumer confidence as the Conference Board Consumer Confidence Index improved for the second straight month, jumping 2.1 points to 111.7 from 109.6 in October.
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The cut-off date for preliminary results of data in November was Nov. 18, 2024.
The Conference Board’s November survey of consumer priorities over the next six months revealed a desire to spend less on most discretionary items such as appliances and electronics, however, consumers planned to spend a bit more on travel and health care.
Consumer confidence, however, plummeted in December following the election declining by 8.1 points to 104.7.
Even more glaring was December’s Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, which fell 12.6 points to 81.1 points, just above the threshold of 80 that usually signals a recession ahead, the Conference Board reported.
On a six-month moving average, plans for spending on homes were down slightly, the report said, along with a decrease in plans for spending on appliances and electronics. Purchasing plans for autos and big-ticket items rose, however, and consumers expressed interest in spending on dining out and streaming services.
Entertainment expenses were lower on the spending list in December, including movies, travel, and vacation plans, but consumers were more open in November to spending on discretionary items, such as dining out, hotel stays and entertainment outside the home.
Las Vegas Strip casino gaming revenue has declined for the fifth straight month.
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Strip casino gaming win revenue drops fifth straight monthÂ
Consumer attitudes in December may have been more representative of potential gamblers in November as casino win revenue on the Las Vegas Strip in November 2024 dropped for the fifth month in a row, by 3.91% year-over-year to $788.7 million.
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Gaming win revenue for the fiscal year from July 1 through Nov. 30 also fell by 5.73% to $3.56 billion year-over-year, the Nevada Gaming Control Board reported in its November revenue report released on Jan. 9.
The board has not released its December statistics yet.
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The state of Nevada’s win revenue in November declined by 4.21% to $1.31 billion compared to $1.37 billion in the same month in 2023, and it fell by 2.85% to $6.38 billion in the fiscal year July 1, 2024, through Nov. 30, 2024, compared to $6.57 billion in the same period in 2023.
Downtown Las Vegas win revenue declined by 2.69% to $79 million in November compared to $81.1 million in the same period in 2023.
Win revenue for the fiscal year July 1 through Nov. 30, 2024, was promising Downtown, as revenue rose 2.79% to $387 million compared to $376.5 million in the same period of 2023.
Reno’s win revenue in November dropped by 10.4% to $51.9 million compared to $58 million in the same period in 2023.Â
South Lake Tahoe had some of the worst results in November, as revenue plummeted by 20.3% to $14.4 million from $18 million in the same period in 2023. The report did not state a reason for the huge decline in South Lake Tahoe revenue.
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