HVAC buying indicator edges up in January — barely

U.S. consumers remain downcast about making large purchases. 

What’s happening: The University of Michigan on Friday released its popular monthly consumer survey, which polls a wide swath of Americans about their finances. 

• In January 2026, when asked whether it was a good or bad time to buy ‘major household items’ — an indicator of HVAC purchasing intent — 32 percent of respondents said it was a good time.
• That’s up slightly from December, when the figure hit its lowest point in five years (29 percent), but remains below January 2025, when 51 percent felt it was a good time to buy. 

Meanwhile, the share of respondents who said it was a bad time to buy in January stood at 65 percent — reflecting a similar improvement from December but still worse than January 2025. 

The big picture: Friday’s release also included overall consumer sentiment readings for February. “About 46% of consumers spontaneously mentioned high prices eroding their personal finances; readings have exceeded 40% for seven months in a row,” a summary noted. 

What they’re saying: “The persistence of these trends highlights consumers’ continued frustration with high prices even as their worries about future inflation have softened,” said Joanne Hsu, the university’s survey director. “Sentiment is about 13% below a year ago and more than 20% below January 2025.”