Americans Spent $96/Day on Average in December
According to a recently released article on Gallup.com (link below), Americans spent $96 per day on average in the month of December on discretionary spending. According to Gallup, this is the highest amount of consumer spending that has been reported since September of 2008, which is when the nation started to feel the first effects of the "Great Recession".
Gallup asked respondents in the survey how much they had spent the prior day, not including money for "major household bills and major durables such as homes or cars". The result for December of 2013 was an average of $96/day, which was up $13/day from the start of 2013.
Prior to the "Great Recession" taking hold in the United States, the average American was spending roughly $110/day. The "Great Recession" temporarily destroyed consumer spending in the United States, with spending dropping to an incredibly low $58/day in January of 2011 before starting a slow rebound. Many Americans simply didnít have much money to spend due to a terrible employment market, while those with jobs decided to significantly increase their savings rather than spend.
With the economy on the mend and the stock and housing markets continuing to rise, many Americans are now feeling flush with cash once again, which has translated into higher consumer spending. This is obviously of extreme importance, as much of the strength of the US economy is based on robust consumer spending.
It remains to be seen if this upwards trend in consumer spending will continue in 2014. The US economy, though trending higher, is still on very shaky ground, and many Americans are still loathe to deviate from a course of spending less and saving more.
Source: Gallup.com - U.S. Consumer Spending in December Highest Since 2008
Filed under: General Knowledge