Arvest Bank Completes Consumer Sentiment Survey, Has Indexes

On July 17, Arvest Bank will release the initial indexes found in its three-state Consumer Sentiment Survey.

The report will contain an index for the combined area of Arkansas, Missouri and Oklahoma, as well as separate, state-level indexes that can be compared to the national Surveys of Consumers conducted by the University of Michigan and Thomson/Reuters.

While the indexes coming out next week measure consumer sentiment, a second data set, scheduled to be released in August, will measure expectations for the future. A third data set, also going public in August, will examine savings and spending intent.

The Arvest-sponsored survey is a joint project of the University of Arkansas, the University of Oklahoma, Missouri State University and Oklahoma City University. A total of 1,200 people — 400 in each state — were surveyed by phone. The margin of error is estimated at 4.2 percent.

“By sponsoring and evaluating the results of the study, Arvest Bank can better understand customer attitudes on the economy and their overall financial goals,” said Jason Kincy, Arvest marketing director. “This information will help us anticipate customer wants and needs related to financial services, such as demand for mortgages, home equity and auto loans or savings and retirement plans.”  

The survey poses questions about finances, interest rates, government expectations, vehicles, homes and durable goods, among others. The results were tabulated by the UA’s Center for Business and Economic Research, and the Arkansas data was evaluated by the center’s director, Kathy Deck.

“We’re most interested in how sentiment is changing in Arkansas compared to how it is changing in the United States as a whole,” Deck said. “Since this is our first time measuring it, we will have to wait to understand those changes. However, we will be able to talk about how Arkansans view their own personal financial situations, how they view the overall economy now and how they think the economy is going to do over the near term.”

Two surveys will be conducted each year, one in the spring and one in the fall, with results being released in the summer and winter. The Arvest-commissioned survey uses the same questionnaire and methodology employed by the University of Michigan, so direct comparisons between Arvest results and national results can be made.

“Although there are national surveys measuring consumer confidence and consumer sentiment, we understand the outlook of our local economies sometimes differs from that of the nation as a whole,” Kincy said. “It is important to Arvest Bank that we understand what our customers — the people who live, work and bank in Arkansas, Missouri, and Oklahoma — think about their local economies and how their views compare to and contrast with national results.”