Discover Spending Monitor: Spending Plans on Major Purchases Up
Apr 4, 2013
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The Discover U.S. Spending Monitor was essentially flat in March, 2013, dropping just a half-point to 93.3, showing a slight decline in consumer confidence in the economy and personal finances.
Plans to increase spending on major and discretionary purchases grew, the report showed.
The Discover report said the slight confidence decline was driven by ages 18-39 consumers and consumers making less than $75,000.
Respondents' rating of the economy:
* 18% said the economy was good or excellent, down 1 point from the February report
* 34% rated the economy as fair, up 2 points from the previous month
Respondents expectations of the U.S. economy:
* 50% expect the economy to get worse, to worsen up 2 points from the previous month
* 30% expect the economy to improve, down 2 points
* 16% expect the economy to stay the same, down 1 point
Consumer outlook on personal finances was also down slightly.
* 35% of consumers rate their finances as excellent or good, down 2 points from the month before
* 24% said their finances are improving, down a point from the month before
* 28% expect their finances to stay the same, up 2 points
* 39% number of respondents said they were spending more than in the month before, up 2 points from the previous month's report
* 20% said they planned to spend less in the month to come, up 2 points from the previous month's report
While consumers' overall intentions were to spend less in the following month, discretionary spending intentions were up in March.
* Consumers planning to spend more on major personal purchases were up 2 points to 13%.
* Consumers planning to spend more on household improvements were up 3 points to 17%.
* Consumers planning to spend more on discretionary personal expenses were up 3 points to 11%.
* Intentions to spend more on saving and investing increased 2 points to 11%.
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