Consumer spending could see uptick
ADOTAS — Has the massive decline in consumer spending begun to slow? Maybe.
Acording to the latest ChangeWave survey of U.S. consumers, 57% said they’ll spend less during the next 90 days than they did a year ago — but that’s three points better than in the December survey. Another 13% said they’ll spend more — two points better than previously.
“For the first time since May 2008, we’re seeing signs of a tiny spending uptick. Moreover, there’s an improvement in consumer sentiment and expectations going forward… these improvements, however, are tenuous… Just as the May uptick was due, in part, to heightened expectations over the tax stimulus package, the current outlook may have much to do with the anticipation surrounding the new administration’s economic stimulus plan…” according to the authors of the report.
Regarding consumers economic outlook, 12% said they think the economy will improve in the next 90 days, three points better than in December. 56% said they think the economy will worsen during the next 90 days, but a significant 10 points better than the December low.
Only 15% said they’ll spend more on consumer electronics going forward, compared with 41% who said less — a net six points worse than the previous survey, and 22 points worse than a year ago.
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