While long term consumer confidence remains strong, short term confidence took a slight dip in July, possibly due to concerns over volatility in financial markets prompted by the situation in Greece and China. However, stronger than expected sales, higher transaction prices, moderate fuel prices and a strengthening economy are all factors in NADA's decision to revise their 2015 sales forecast UP...but how much?
How does 17.17 million sound? That’s right. 17.17 million up.
Sales have been dramatically boosted by increased consumer demand for light trucks, especially Crossovers and SUVs. Excellent response to incentives and very strong Memorial Day sales all contribute to NADA's revised forecast.
According to Lynn Franco, Director of Economic Indicators at The Conference Board: "Consumer confidence remains at levels associated with an expanding economy and a relatively confident consumer."
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Check out the NADA article here.