RIVERWOODS, Ill.– A monthly survey of consumer attitudes toward spending has documented the continuing slide in consumer spending on discretionary items in favor of spending on essentials.
The Discover U.S. Spending Monitor fell nearly a point in June to 85.9, as consumers struggled with rising prices for essentials and continued to lose confidence in the nation's economy, the card brand reported. Economic confidence hit a new Monitor low, falling in June to a level that is nearly 30 points lower than a year ago.
June is the sixth month in a row that consumer attitudes about the economy have trended downward while spending intentions have risen with living expenses rising beyond their control.
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The circumstances have created a balancing act for consumers who are spending less for discretionary items to compensate for higher costs for necessities. So far, consumers have been resilient, Discover said. But there are signs the strain is beginning to show as more consumers are showing less wiggle room in their budgets.
The card brand's survey findings included that 55% of Americans surveyed spent more in June than May and 47% prepared for higher expenses in July.
Since January, there has been a 50% increase in the number of people who expect to spend more next month–from 30% to 46%–and a surge of 20 points–from 46% to 66%–in consumers who say they anticipate higher spending on everyday household expenses like gas and groceries, Discover said.
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