Consumer Payment Card News

Spending Outlook

Spending confidence by consumers rose slightly in October after hitting a low point in mid-August. The data show a strong mid-month reversal in consumer confidence about personal finances and the economy. According to the “Discover U.S. Spending Monitor,” more than 35% of consumers expect to spend more in the next month. This was up more than six points from September’s “Monitor” and was the first spending increase since the “Monitor’s” May inception. The “Monitor” stood at 96.5 for October compared to the September level of 95.9. Discover says that last month and well into this one it saw stable readings on spending patterns, but this month it saw a remarkable turn in spending intentions nearly coincident with news of record oil prices and continued coverage of weakness in the housing and mortgage industries. Also, over 31% felt their personal finances were getting better in October, more than a point above September’s number.

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