After surging earlier this year, consumer confidence is waning again, according to a July 2012 Discover Spending Monitor survey
The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.
The Discover U.S. Spending Monitor, a daily poll tracking economic confidence, found that the percentage of respondents who believed the U.S. economy was improving dropped 4 points in June to 29 percent. Consumers’ view of their personal finances took a hit as well, with a 4 point percentage decrease in those who saw their finances as improving — from 27 percent in April to 23 percent in June.
The poll of nearly 8,200 consumers also found that their spending intentions declined. The percentage of those expecting to spend more in the following month dropped 4 percentage points to 25 percent. Consumers were especially gloomy about discretionary purchases, with 47 percent expecting to spend less on such items as eating out, and going to a movie. However, many expect to spend more on major purchases, such as vacations (48 percent).
The Spending Monitor Index, as a whole, decreased 6 points over the course of two months — from 96.7 in April to 90.7 in June. Overall, the results of the Spending Monitor indicate a strong sentiment from consumers that the economy will get worse.