Just over half (52 percent) of Non-Millionaires with a net worth of at least $100,000 (not including primary residence) report their financial situation is better than it was one year ago.
Less than half of Americans (44 percent) report spending more over the past four weeks than they did compared to the same period a year ago, according to a new Gallup consumer spending trends survey. This is roughly the same from earlier in the summer, but there is a sharp increase in the number of respondents who report they have spent less (23 percent vs. 18 percent in June).
Consumer spending accounts for 70 percent of the economy.
On what are American consumers spending? Nearly six-in-ten (58 percent) report spending more on gasoline compared with 60 percent in June. Only 12 percent said they are spending less.
More respondents said they are spending less on leisure activities (31 percent vs. 28 percent who said they are spending more. But that 28 percent who are spending more is an increase from the 24 percent who responded likewise in June.
U.S. Labor Department data released Tuesday finds that consumer spending declined last year, its first drop in three years. Families adopted a more frugal mindset as they cut spending on eating out, entertainment, clothing, alcohol, tobacco and even charitable contributions.
Not surprisingly, spending for the wealthiest households last year gained 5.3% from 2009, two percentage points faster than growth for families in the middle, the government data finds.
A Gallup consumer spending trends poll released last week found that Americans spent an average of $94 daily in August, matching the average for July. This is roughly similar to the $95 average reported spent in august 2013.
Through this year, Gallup found, the monthly averages in Americans’ self-reported daily spending have consistently exceeded figures in the equivalent months for each year from 2009 through 2012. But consumer spending is still below the $100 averages routinely seen before the 2008 economic collapse.
Just over half (52 percent) of Non-Millionaires with a net worth of at least $100,000 (not including primary residence) report their financial situation is better than it was one year ago, according to wealth level studies conducted by Specrem’sMillionaire Corner. Forty-eight percent expect it to be stronger one year from now. I comparison, nearly seven-in-ten (68 percent) of Millionaires with a net worth up to $4.9 million report that their financial situation is better than it was at this time in 2013, while 58 percent expect it to be stronger one year from now.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.