Update: Home Improvement Spending Down 2 Points in July
Aug 9, 2013
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The number of consumers who plan to increase their spending on household improvements in the coming 30 days declined a two percentage points to 16% in the July 2013 Discover U.S. Spending Monitor.
The overall index fell 4 points to 92.4 in July 2013, registering a decline in confidence in the economy from consumers. Confidence was especially down among consumers making less than $40,000 a year.
The report also showed consumers becoming more pessimistic about their personal finances in July, correlating with a decline in discretionary spending intentions.
Respondents indicating the economy is good or excellent was down four points to 20% in July 2013. Those who expect the economy to get better were down 6 points to 30%. Consumers who expect the economy to get worse were up 5 points to 49%. Respondents expecting the economy to stay the same were up two points to 18%.
Consumers with an annual income under $40,000 indicated a significant decline in economic confidence in July. Only 21% of respondents said the economy was getting better, down 10 points from June.
Respondents making $40,000-75,000 who said the economy was getting better was down 5 points to 35%.
Those making more than $75,000 were the most favorable on the economy getting better, declining two points to 50%.
Perspective on personal finances was also down in July. Respondents rating their personal finances as good or excellent were down three points to 33%. Consumers rating their finances as getting better were down three points to 24%.
The number of consumers who plan to increase their overall spending in the next 30 days declined a percentage point to 30% in July 2013.
Intent to spend more on household expenses declined a point to 39%.
Intent to spend more on household improvements declined two points to 16%.
Intent to spend more on major personal purchases declined two points, to 15%.
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