Consumer attitudes toward spending were beginning to improve over the summer, despite concerns about elevated prices and interest rates and uncertainty about the future.
Consumer confidence increased in both July and August, according to the Conference Board's Consumer Confidence Index, and consumers were less pessimistic about the future. The index in July rose to 101.9 from 97.8 in June, and then continued rising to 105.6 in August.
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Consumers in August were more positive about business conditions, both current and future, but also concerned about the labor market, the survey said.
Attitudes changed in September, however, as the Consumer Confidence index declined by almost 7 points, from 105.6 in August to 98.7 in September, which was the largest decline in the confidence index since August 2021, according to a Sept. 24 board statement.
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.
"Consumer confidence dropped in September to near the bottom of the narrow range that has prevailed over the past two years," Dana M. Peterson, chief economist at The Conference Board said in a statement.
"September's decline was the largest since August 2021 and all five components of the Index deteriorated. Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income," Peterson said.
In July, the survey said that consumers planned to spend less over the next six months on many discretionary items, including gambling, amusement parks and personal travel. They also planned to purchase less expensive services, such as streaming a film instead of going to a movie theater.
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Consumer attitudes toward personal travel and gambling might have played a role in a decline in Las Vegas Strip casino gambling win revenue over the last two months.
Image source: Shutterstock.
Las Vegas Strip casino win revenue declines
Las Vegas Strip casino win revenue in August 2024 plummeted by 3.46% year-over-year to $643.6 million, while the three-month win revenue from June 1 to Aug. 31, fell by 5.27% to $2.1 billion year-over-year, the Nevada Gaming Control Board reported in its monthly revenue report.
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The August decline was the second month in a row that win revenue fell year-over-year at casinos on the Strip. Casino win revenue in July 2024 plummeted by 15% year-over-year to $709.2 million on the Strip. while the three-month win revenue from May 1 to July 31, fell by 3% to $2.2 billion year-over-year.
August win revenue declined by $65.6 million, or 9%, compared to the Strip's July win revenue of $709.2 million.
The state of Nevada's win revenue in August declined by 3.8% to $1.1 billion in August. The three-month win revenue decreased by 2.65% to $3.7 billion from June through August.
Downtown Las Vegas win revenue in August fell 8.7% to $58.3 million year-over-year, but three-month revenue from June through August rose 2.3% to $196.4 million. Reno's win revenue, however, declined 4.8% to $65.4 million, and its three-month win revenue from June through August also fell 5.3% to $198.9 million.
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