Consumer Pessimism Grows
Survey finds increased concern about tariff effects on finances, potential of a recession.

Many consumers are interested in applying for loans or refinancing existing ones in order to increase liquidity.
Pexels/Kaboompics.com
More Americans are worried about their finances and a potential recession over the next 12 months, a recent poll found.
The May TransUnion survey of about 3,000 consumers showed a six percentage point quarter-over-quarter gain to 27% who feel pessimistic about near-term household finances. That’s the greatest share since the consumer credit reporting agency started tracking the metric in the first quarter of 2021.
Optimism among polled consumers, meanwhile, fell three percentage points to 55%, the most optimistic generations still being Y and Z.
TransUnion blames uncertainty about the effects of fast-shifting U.S. trade policy for the reduced optimism, 87% of respondents having some level of concern about import tariffs’ effect on their finances.
Many consumers therefore are interested in applying for loans or refinancing their current ones, TransUnion said, including for increased liquidity via their existing credit cards, applying for personal loans or tapping buy-now-pay-later services.
TransUnion credits the majority of consumers who are still optimistic to still-strong employment and healthy wage increases.
“If you have a job and feel like you’re likely to get some form of pay increase over the next year, then you also will likely be able to manage through most possible scenarios for increases in the costs of goods and services,” said Head of Global Research and Consulting Charlie Wise.
Still, more consumers now fear a recession – 52% of respondents saying it’s among their top three concerns over the next 12 months, or the greatest share in two years.
Originally posted on Auto Dealer Today
More Industry

RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →