Consumer confidence and spending stuck in 2009 ranges
A recent report from Gallup revealed that, more than three years after the start of the economic crisis, consumer confidence and spending levels remain stuck at 2009 ranges. According to Gallup, 77 percent of respondents said the economy was getting worse in August, and overall confidence in the economy is now at its lowest level since February 2009. Coincidentally, Congress passed the $787 billion stimulus bill in February 2009. Confidence among upper-income Americans fell in August, Gallup said, as 80 percent said that the economy is getting worse. This is a sharp decline from one month earlier, when 66 percent said so. In addition, 54 percent of upper-income Americans rated the current economic conditions as poor, which is up sharply from the previous months 42 percent mark. This marks the first time since early 2009 that upper-income Americans are more pessimistic about the economy than other Americans. Consumer spending has remained relatively flat since it experienced a big drop in January 2009, Gallup said. The average daily spending range of $58 to $75 seen since 2009 is far below the $96 per day mark seen in 2008. The dollar figures mentioned above represent daily consumer spending in stores, restaurants, gas stations, and online. Gallup has been tracking economic confidence and consumer spending since 2008.
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