Location:Home > Policy Consulting > Economic News > Details

U.S. Consumer Spending Holding at Slightly Higher Levels

发表于 cjyyzb1
U.S. Consumer Spending Holding at Slightly Higher Levels
Americans' self-reported daily spending averaged $73 in July, similar to June's $70 average and the $74 average from July 2011. July spending both this year and last year was up from July 2009 and 2010, but down from July 2008.

The results are based on July 1-31 Gallup Daily tracking. Each night, Gallup asks Americans to report how much they spent the prior day, apart from normal household bills or the purchase of a car or home.

While the short-term comparisons suggest little change in consumer spending, the broader trend has been toward increased spending after a sharp drop following the 2008 holiday season. For 2012 to date, Americans' reported daily spending has averaged $70. Each year's spending has increased over the prior yearly average since 2010.

The 2012 figure may increase further between now and the end of the year. Gallup's data show spending in the second half of each year has generally exceeded that in the first half of the year.

Upper-Income Consumers Lead Way in Spending

Typically, when Gallup finds changes in its spending averages, it is due to changes among upper-income consumers -- those whose annual household incomes are $90,000 or greater, and who probably have greater latitude to increase discretionary spending. The Gallup trends show spending among lower- and middle-income consumers is generally much more stable.

The year-by-year trends confirm that upper-income consumers are driving the increased spending in recent years. To date in 2012, they report an average daily spending figure of $126, compared with $121 last year, $118 in 2010, and $116 in 2009. Spending levels are also up, incrementally, among low- and middle-income consumers.

Implications

Americans continue to report spending more in 2012 than they have in recent years, though spending is still well below 2008 levels. Though estimates have varied little from month to month in 2012, they have consistently been $70 or higher since March. Spending estimates reached $70 only occasionally in 2009, 2010, and 2011.

Thus, Americans seem more willing to spend than in recent years, but perhaps not enough to bring the United States out of its economic slump.
From: http://www.gallup.com
Updated: August 3, 2012