Spending Report: Half of Consumers Plan To Spend Less on Household Improvement in January
Jan 10, 2014
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Discover's U.S. Spending Monitor was unchanged at 89.0 in December 2013, with consumer confidence in the economy rising to its highest mark in the index since July even as spending intentions declined.
Discover reported a significant increase in respondents who believe economic conditions are improving.
Consumers who believe the economy is getting better: 30%, up from 25 in the previous month.
Consumers 18-39 years old demonstrated the biggest improvement in economic outlook—30% of those in the group see economic conditions improving. This is up 7 points from November.
The share of consumers 40-64 who believe the economy is improving was at 30%, up 3%.
The share of consumers 65 and older who believe the economy is improving was at 31%, up 5 points.
The report said consumer confidence in their personal finances improved in December. Consumers who see their finances getting better was at 22%, up 2 points.
Discover reported that spending intentions were on the decline, but said this is a typical pattern in the Monitor after the holiday season. 29% expect to spend less in January than in December, up 13 points from the prior month. 50% of consumers plan to spend less on household improvements in the coming month, 3 points more than in the November report.
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