Confidence of State’s Consumers Increases

Consumer confidence among Californians has reached its highest level in more than a year, according to a survey released Tuesday, another signal that the state’s economy is gaining strength.

The California Consumer Sentiment Index, a quarterly snapshot of consumer attitudes taken by economists at Chapman University in Orange, rose to 96.8 in the most recent survey. That was up from 90.7 in the third quarter and marked the index’s highest level since Chapman launched it last year.

Esmael Adibi, director of the A. Gary Anderson Center for Economic Research at Chapman, said consumers’ expectations have been revived by a recent string of positive economic news, while their war jitters and shock over the state’s dismal finances have receded.

“We have some of those uncertainties behind us now,” Adibi said. “Gradually, as economic growth has gained momentum, consumer attitudes have improved.”

The California results are consistent with a national survey by the University of Michigan, which also shows rising consumer sentiment.

The Chapman index queried 726 Californians about their attitudes toward current and future economic conditions. Especially encouraging, Adibi said, was the gauge tracking planned spending on big-ticket items, which was unchanged at 102.

Adibi said that’s good news for retailers, as it suggested that the current pace of retail spending should continue.