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|Consumer Confidence Steady in April According to Discover U.S. Spending MonitorSM|
Views on Personal Finances Improve, Spending Intentions Remain the Same
In April, 39 percent of respondents rated their personal finances as good or excellent, a 3-point increase from the month before. At the same time, high gas prices appear to be taking their toll on spending. According to the poll, more than half of respondents said that high gas prices are forcing them to change summer vacation plans, while 61 percent said that the high gas prices may cause them to cut back on discretionary spending.
The result of higher gas prices is felt most acutely among younger
respondents and people of households earning less than
Overall Spending Remains Steady
More consumers reported in April that they are spending about the same as the month earlier and that they plan to spend about the same next month. In April, 42 percent reported spending about the same as the month earlier, compared to March’s figure of 41 percent. At the same time, 50 percent are planning to spend the same in May, a rise of 2 percentage points from the month earlier.
Consumers Rate Personal Finances at
Despite increasing concerns about the U.S. economy and rising gas prices, more consumers reported positive attitudes about their personal finances in April.
Economic Attitudes Mixed
Sixteen percent of respondents now rate the U.S. economy as good or excellent, compared to 13 percent who had that attitude in March. In addition, the number of people who report the U.S. economy as poor stayed at 50 percent.
At the same time, 47 percent said economic conditions are worsening – an increase of 3 percentage points from March and the highest figure since 2012 began.
About Discover U.S. Spending Monitor
The Discover U.S. Spending MonitorSM is a monthly index of
consumer spending intentions and capacity that is based on interviews
with a random sample of 8,200 U.S. adults conducted at a rate of 275 per
night. In addition to spending, the survey asks consumers their opinions
on the U.S. economy and their personal finances. The Monitor began in