Discover® U.S. Spending MonitorSM Drops 1.9 Points in July
04 Agosto 2010 - 6:01AM
Business Wire
Consumer confidence fell for the third straight month as more
consumers rated current economic conditions as poor, and fewer see
the economy improving, according to the Discover U.S. Spending
Monitor for July 2010.
The Monitor – a poll of 8,200 consumers tracking consumer
confidence and spending intentions on a daily basis – fell 1.9
points in June to 86.5. Overall, 58 percent rate the U.S. economy
as poor, a 7-point increase from June, and only 23 percent see
economic conditions improving in the month ahead, the lowest this
number has been in a year.
As Confidence Falls, So Do Spending Intentions
Consumers’ spending intentions had held steady and even risen
during the spring and early part of summer. But July’s sharp
decline in economic confidence may have consumers altering their
spending behavior. Twenty-six percent of consumers reported they
are planning to reduce their overall spending in the month ahead, a
3-point rise from June and the highest number reported since
January.
Monitor data also suggests that consumers plan to reduce
discretionary spending in the following areas:
- Going out to dinner, movies or
sporting events (48 percent compared to 46 percent in June)
- Home remodeling or new
appliances (48 percent compared to 47 percent in June)
- Vacation, or gym membership (48
percent compared to 46 percent in June)
“Economic uncertainty appears to be weighing on consumers’
discretionary spending intentions,” said Julie Loeger, senior vice
president of brand and product management for Discover. “In the
spring, more consumers felt the economy was improving and that
correlated with an overall increase in discretionary spending
intentions. Monitor data now suggests consumers’ economic
confidence is declining, and with that, so are their discretionary
spending intentions.”
Despite Economic Pessimism, More Consumers Feeling Better
About Their Finances
While economic confidence continued to fall, the Monitor showed
more consumers feel better about their finances. Thirty-six percent
felt their finances were in good or excellent shape, a 3-point
improvement from the prior month and the highest number in 20
months. The Monitor also reported that 21 percent of consumers felt
their personal finances were improving in July, 1 point better than
June.
The improvement in consumers’ financial attitudes correlated
with more consumers having money left over. For the second straight
month, 49 percent of consumers said they expected to have money
left over, the highest number since March 2009.
The number of consumers expecting an income shortfall in the
month ahead remained the same in July at 38 percent.
For more Discover U.S. Spending Monitor survey data, charts and
information, please visit
www.discoverfinancial.com/surveys/spending.shtml.
About Discover U.S. Spending Monitor
The Discover® U.S. Spending MonitorSM is a monthly index of
consumer spending intentions and capacity that is based on
interviews with a random sample of 8,200 U.S. adults conducted at a
rate of 275 per night. In addition to spending, the survey asks
consumers their opinions on the U.S. economy and their personal
finances. The Monitor began in May 2007 with a base index of 100.
Surveys are conducted by Rasmussen Reports, an independent survey
research firm (www.rasmussenreports.com).
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company operates the Discover card, America's cash rewards
pioneer, and offers personal and student loans, online savings
accounts, certificates of deposit and money market accounts through
its Discover Bank subsidiary. Its payment businesses consist of
Discover Network, with millions of merchant and cash access
locations; PULSE, one of the nation's leading ATM/debit networks;
and Diners Club International, a global payments network with
acceptance in more than 185 countries and territories. For more
information, visit www.discoverfinancial.com.
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