Discover U.S. Spending MonitorSM Consumer Confidence Rebounds Slightly in October
02 Novembre 2011 - 12:00PM
Business Wire
Consumer confidence slightly rebounded in October as more
consumers felt the economy and their personal finances were
improving, while fewer felt the economy and their finances were
getting worse according to the Discover U.S. Spending Monitor.
The Monitor, a 4-year-old daily poll tracking economic
confidence and spending intentions of nearly 8,200 consumers
throughout the month, recorded a 2-point rise to 79.0 percent.
Fourteen percent of consumers felt economic conditions were getting
better in October, a 2-point rise from September. Sixty-two percent
felt economic conditions were getting worse, down 1 point from
September.
Despite the fact that more consumers feel economic conditions
are improving, a record 69 percent view the current state of the
economy as poor. This is 2 points higher than last month and 12
points higher than a year ago. October’s findings indicate:
Attitudes Toward Personal Finances Improve
Consumer sentiment toward personal finances also rebounded
slightly in October.
- 16 percent of consumers felt their
personal finances were getting better in October, 1 point higher
than September. Fifty-five percent of consumers felt their finances
were getting worse, 2 points lower than September.
- 30 percent rate their personal finances
as good or excellent, 1 point higher than September. Twenty-six
percent of consumers rated their personal finances as poor,
slightly less than September’s record high of 28 percent.
- 45 percent of consumers said they will
have money left over after paying monthly bills, up 2 points from
September. Forty-two percent said they will have no money left
over, down 2 points from September.
Discretionary Spending Intentions Are Flat Heading Into the
Holiday Season
October’s Monitor indicated consumers were content with the
discretionary spending cutbacks they made in September and are more
likely to spend the same in the month ahead as they did in the
prior month rather than more or less.
- 37 percent planned to spend the same on
discretionary personal purchases like going out to dinner or the
movies, a figure that is up 2 points from the month earlier. Half
planned on spending less, down 3 points. Only 8 percent planned on
spending more, down 1 point.
- 30 percent of consumers planned on
spending the same in the month ahead on home improvement purchases,
the same as last month’s survey. At the same time, 52 percent plan
on spending less, also the same as last month’s survey, while 13
percent plan on spending more on home improvement purchases, also
the same figure as September.
- 36 percent planned on spending the same
on major purchases like a vacation, up 3 points from September.
Forty-nine percent planned on spending less, down 3 points from the
prior month. A total of 11 percent plan on spending more, the same
as September.
More Consumers Are Planning to Spend Less on Holiday Gifts in
2011 Compared to 2010
Early indications suggest that more consumers are heading into
the holiday season planning to spend less on holiday gifts compared
to 2010. Sixty-one percent of consumers, so far, say they plan on
spending less this year on holiday gifts than they did last year, 6
points higher than what was reported in the Monitor in 2010. Only 9
percent plan on spending more on holiday gifts this year, compared
to 11 percent in 2010.
In years past, Monitor data has shown that the percentage of
consumers intending to spend less on holiday gifts than the year
before steadily decreases from the start to the end of the holiday
season. The Monitor will continue to ask consumers their holiday
spending intentions through Christmas.
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 http://www.discoverfinancial.com.
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