Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Consumers Keeping Belts Tight This Fall

Consumers Keeping Belts Tight This Fall

Add to Favorites:
Consumers Keeping Belts Tight This Fall
October
8

Though economic confidence rose slightly last month, consumers still say they plan to keep spending in check. A monthly poll by Discover showed little change in spending from August to September. There was, however, a dip in the number of people who expected to have funds left after paying bills this month.

The Discover U.S. Spending Monitor was up in September compared to August, indicating a slight increase in consumer confidence. But the percentage of people who gave the economy a rating of good or excellent was flat at 17%, and fewer people planned to increase their spending. Last month, people’s wallets were still recovering from the back-to-school shopping rush. This month, the spending fatigue correlates with a dimmer view of personal finances.

Spending intentions

Planned spending was down slightly for the second month in a row. Overall, only 26% of people reported planning to spend more this month than last, compared with 28% last month. Thirty-three percent of people plan to increase spending on household expenses—5% fewer than last month. Sixteen percent say they will spend more on household improvements—unchanged from the previous month.

Fourteen percent are ready to lay out funds for a major purchase such as a vacation, compared with 15% last month, and only 10% of survey respondents plan to spend more on fun outings like movies and meals out—a drop of just 1% from the month before.

Personal finances

When asked how they felt about their personal financial picture, about a third said they were good or excellent, down a point. The percentage of people who thought their finances would improve over the coming month also fell one point to 23%. Forty-three percent of consumers thought they would have enough wiggle room in their budgets to have leftover money after the bills are paid this month. That’s 1% fewer than last month.

When the poll was broken down along gender lines, men and women came out about even on their views of personal finance. Thirty-three percent of men rated their finances as good or excellent—a drop of 3% from last month—and 32% of women felt they are in good or excellent financial shape—the same as last month. The same percentage of men and women—23%—anticipated improved finances. That was a three-point drop for men and a one-point increase for women over last month.

The Discover U.S. Spending Monitor includes responses from a random sample of 8,200 consumers each month. It tracks spending intentions, economic outlook and personal finance confidence.

Add to Favorites:

Related News:

Higher Income Households Rate the Economy Better

By Elizabeth Nelson, Posted: August 12, 2013

Consumer confidence took a hit last month, according to a survey by Discover. When asked whether the economy was getting better, respondents were divided by income. Continue reading
Financial Brands Make Gains in 2013

By Dar Dowling, Posted: October 14, 2013

Consumer confidence in financial companies is on the rise, according to the Best Global Brands report. Eight of the eleven financial entities in the study published by Interbrand showed significant gains in popularity and value. Continue reading
Major Card Issuers Support Digital Tokens

By Dar Dowling, Posted: October 15, 2013

In the future it may be easier and safer for consumers to make purchases online whether paying for a latte with a smartphone app or buying a pair of sneakers online. MasterCard, Visa and American Express are advocating the use of digital ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit