The most recent survey of Virginians state-wide by the Institute for Policy and Opinion Research at Roanoke College shows a healthy jump in Consumer Sentiment – and the public continues to spend. The latest Roanoke College Consumer Sentiment poll just took place over a 5-day period last week; 730 completed interviews came from random phone calls to Virginians and an online survey. Economics professor Dr. Alice Kassens is a senior analyst for the Institute:
(from Roanoke College report) “Consumer sentiment improved over the summer, likely buoyed by the continued settling of prices,” said Alice Louise Kassens, John S. Shannon Professor of Economics and Senior Analyst at the Roanoke College Institute for Policy and Opinion Research. “Consumers continue to spend, which is crucial to economic growth. Our spending makes up close to 70% of all spending in the economy, so strong spending by households is paramount for a strong economy. Virginians’ short- and long-term price expectations are consistent with where they were before the pandemic. Things are more expensive than a year ago, but wage growth outpaces inflation, giving consumers more buying power – and they are spending. Consumers are driving our economy and remain a barrier to recessionary pressures.”
