Millennials Take Back Seat to Seniors When It Comes to U.S. Consumer ConfidenceBy
Those 55 and older see biggest post-election rise in optimism
Wall Street and Main Street both see boosts in outlooks
Apparently the future looks brighter the closer you get to it.
In the Conference Board’s monthly consumer confidence gauge, Americans 55 and older have seen the biggest rise in optimism since the November election of President Donald Trump.
“Confidence continues to trend higher across age groups; post-election, most of the major gains have come from older Americans, though younger folks are also feeling broadly more confident through January,” Bespoke Investment Group said in a note.
Part of the reason for this could come from the fact that older Americans were more likely to have voted for Trump in the first place. Regardless, other surveys of investor confidence have also been shifting post-election. According to both UBS Group AG and Charles Schwab Corp., sentiment among their customers has improved since November.
“Investors cited Trump’s pro-business policies -- including lower personal and corporate taxes - expectations for less regulation and increased infrastructure spending, which they believe will spur U.S. economic growth, as the primary sources of their optimism,” UBS said in a note.
There are reasons to be cautious. Wall Street has started worrying about all of the money that has been flowing into markets post-election, and their forecasts for 2017 rely largely on Trump following through with his campaign promises of lower taxes, less regulation and more fiscal spending.