The economic spirits of consumers country-wide soared slightly last month according to Discover`s U.S. Spending Monitor. This poll, which tracked the spending habits and overall economic confidence of some 8,200 individuals throughout the month of November, noted that 86.3% of consumers surveyed indicated feeling good about the financial state of things in the US. That figure represents a 7-point increase from October.
There was a 19% boost in consumer positive thinking, which represents a 4 point increase in feelings that economic conditions across the nation are improving. As for those consumers who believe that economic conditions are getting worse, they dropped 7 points from October`s number to 55%.
The percentage of consumers who categorized their personal finance situation as poor dropped two points from October to November to 24% which is the lowest level reported since July. Meanwhile, some 33% of consumers indicated that their personal finances were either “good” or “excellent” in November, which is three points higher than poll results for the month prior.
Despite the fact that the majority of consumers believe that the economy is in a sorry state, the percentage of people subscribing to this belief declined by 7 points to 61%. Discover`s Spending Monitor revealed that only 8% of consumers consider America`s economic conditions to be good or excellent.
The bulk of those looking on the bright side of the economic situation were in the 18 to 39 year-old age range. The attitudes for those aged 40 to 64 and 65 plus were rather more subdued.
In terms of holiday gift giving, 40% of consumers plan to spend the same amount of money or more on presents for friends and loved ones this year in comparison to last year. This could be due, in part, to, that according to the poll, 48% of consumers anticipate having some money left over after paying off their bills for the month. This percentage represents more than a 3 point increase since October and is the highest it`s been since February.