Economic Confidence Higher Year over Year According to Discover U.S. Spending MonitorSM
05 Dicembre 2012 - 1:00PM
Business Wire
The Discover U.S. Spending Monitor declined 2.7 points to 95.4
in November from 98.1 in October, reflecting lower consumer
confidence in personal finances. However, consumers indicated that
they intend to spend more in December during the holiday season.
The Monitor is a 5-year-old daily poll tracking economic confidence
and spending intentions of nearly 8,200 consumers throughout the
month.
Highlights of Discover U.S. Spending
Monitor Results September
2012
October
2012
November
2012
Discover U.S. Spending Monitor Index 91.3
98.1
95.4 U.S.
Economy Improving 30% 35%
35% Personal Finances Improving
23% 28%
26%
Consumers Maintain Economic Confidence
The percentage of consumers rating the U.S. economy as good or
excellent remained the same as October at 18 percent, up 10
percentage points from November 2011.
- In November 2012, 51 percent of
consumers viewed the economy as poor, an 11-point decrease from
November 2011.
- Female respondents who rated the
economy as good or excellent in November increased 2 percentage
points to 18 percent compared to October. However, male respondents
who rated the economy as good or excellent declined 3 percentage
points from October, also to 18 percent.
- Remaining at a Monitor high, 35 percent
of respondents expect the economy to improve, a 16-point year over
year improvement from November 2011.
- Consumers with an income of greater
than $75,000 and those making between $40,000 and $75,000 both
reported a decline in expectations of the economy getting better
(down 2 points to 44 percent from October and down 1 percentage
point to 34 percent, respectively). However, those making less than
$40,000, who felt the economy was getting better, increased 3
percentage points to 31 percent.
Outlook on Personal Finances Declines
Consumer outlook on personal finances declined from October to
November 2012, but remained up year over year.
- Consumers rating their personal
finances as good or excellent declined 2 percentage points in
November from the previous month to 35 percent. However, this is 2
percentage points higher than November 2011.
- While the percent of respondents who
expect their personal finances to improve in the future declined 2
points from October to 26 percent, this is 7 percentage points
higher than November 2011.
- Respondents between ages 18 to 39 who
rate their personal finances as poor increased 7 points from
October to 28 percent.
Consumers Intend to Spend More in December
Despite a decline in confidence about their personal finances,
39 percent of consumers are gearing up for the holidays and have
plans to increase their spending in December. This is up 9
percentage points from last month and is typical this time of year.
Twelve percent of consumers also plan on increasing their
discretionary personal spending such as going out to dinner and the
movies, up 3 percentage points from last month. However, consumers
plan to offset their discretionary spending in other areas.
- On major personal purchases such as a
vacation, 46 percent expect to spend less, up 1 percentage point
from October.
- On household expenses, such as gas and
groceries, 9 percent of consumers expect to spend less next month,
up 2 percentage points from October.
- Consumers also plan to spend less on
household improvements next month, a 2-point increase from October
to 49 percent.
- 42 percent of respondents intend to
save or invest less in December, up 4 percentage points from last
month.
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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