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Spending

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Another survey reveals that U.S. consumer spending is softening quickly as the number of consumers who say they’ll spend less rose from 21% to 34% over the past six months. The decline in spending growth was seen occurring across all income levels even among those earning more than $150,000 per year. According to the ChangeWave Research study, 57% of those spending less say they’re trying to improve their personal finances by reducing debt and saving more money. Nearly every consumer category in the survey scored lower than a year ago in terms of spending going forward. The decline was led by restaurant spending, followed by travel/vacation, consumer electronics, durable goods and household repairs/improvements. Better than one-in-three pointed to inflation as the reason for the pull-back. Another 33% blamed higher energy costs.

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