Consumer Payment Card News

Bad Vibes

A monthly tracking poll reveals that upper-income consumers are now showing the biggest decline in economic confidence. Overall, 59% of consumers rated the economy as poor, a 3-point increase from October. The Discover “U.S. Spending Monitor” was flat in November, rising only a half point to 86.3 as a majority of consumers continued to be pessimistic about the economy and their personal finances. The number of consumers who rate their finances as fair or poor was unchanged from October at 66%. Forty-nine percent of consumers felt their finances were getting worse, also unchanged from October. For the first time since July, a majority of upper-income consumers currently rate the economy as poor, 55%. This was an 8-point jump from October and the biggest increase from this income group the Monitor has reported since September 2008. There was also a 5-point increase to 42% in the number of upper-income consumers who felt the economy was getting worse, the highest number reported since June. Discover noted that November marked the first time in 26 years the unemployment rate reached double digits and while some economic reports have stated the economy is getting better, a majority of upper-income consumers tend to disagree.

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