Rising Consumer Confidence Lifts Discover U.S. Spending MonitorSM to Five-Year High
07 Novembre 2012 - 1:00PM
Business Wire
The Discover U.S. Spending Monitor increased 6.8 points from
September to October, the largest one-month increase in the history
of the Monitor. The Monitor is a 5-year-old daily poll tracking
economic confidence and spending intentions of nearly 8,200
consumers throughout the month. October’s 98.1 rating is an
all-time high for the Monitor.
Highlights of Discover U.S. Spending
Monitor Results
August September
October 2012
2012 2012 Discover U.S. Spending
Monitor Index 88.6 91.3
98.1 U.S. Economy Improving 26%
30%
35% Personal Finances Improving
20% 23%
28%
Economic Confidence Continues to Improve
The percent of consumers rating the U.S. economy as good or
excellent increased to 18 percent in October, up 5 percentage
points from September 2012 and 11 percentage points from October
2011. In advance of the last presidential election in October 2008,
only 8 percent of consumers rated the U.S. economy as good or
excellent.
- While 51 percent of consumers viewed
the economy as poor in October, this was a 5-point decrease from
September 2012 and an 18-point decrease from October 2011.
- From September 2012 to October 2012,
male and female respondents who rated the economy as good or
excellent increased by 7 points to 20 percent and 4 points to 16
percent, respectively.
- Respondents expecting the economy to
improve increased 5 points from the prior month and 21 points from
October 2011 to a Monitor-high 35 percent.
- While 46 percent of consumers with an
income of greater than $75,000 expect the economy to improve, only
35 percent of those making between $40,000 and $75,000 and 28
percent of those making less than $40,000 had the same
optimism.
Personal Finance Optimism Continues to Grow
Consumers are more optimistic about their personal finances as
well.
- 37 percent of consumers rated their
personal finances as good or excellent, a 3-point increase from
September and an 8-point increase year-over-year.
- Additionally, 28 percent of respondents
expect their personal finances to improve moving forward, an
increase of 4 points from September.
- There was an even greater gap between
men and women who expect their personal finances to get better next
month, with 31 percent of men (up 7 points from September) and 25
percent of women (up 2 points) expecting their personal finances to
improve.
Consumer Spending Intentions Hold Steady
Despite high economic and personal finance confidence, October
indicators show that overall, 51 percent of consumers plan to spend
the same next month as they did the previous month, up 2 percentage
points from September. Additionally, more consumers plan to save or
invest the same next month, up 6 points from September to 51
percent.
- On household expenses, such as gas and
groceries, 49 percent of consumers expect to spend the same next
month, up 5 points from September.
- Up 1 point from September, 10 percent
of consumers expect to spend more on discretionary personal
expenses next month, while those who expect to spend the same next
month increased 3 points, to 41 percent.
- On major personal purchases like a
vacation, 45 percent expect to spend less, down 3 points from
September, while 39 percent plan to spend the same, up 2
points.
- Consumers plan to spend less on
household improvements next month (47 percent), a 2-point decrease
from September. Intentions to spend the same next month increased
by 2 points, to 34 percent.
- Respondents who anticipate added
expenses or a shortfall in income in the next month decreased to 32
percent, a record low for the Monitor.
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 (http://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 home loans, private student loans, personal
loans, online savings accounts, certificates of deposit and money
market accounts through its direct banking business. 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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