Americans' daily self-reports of spending averaged $87 in September,
down from $94 in August but still higher than the $84 in September 2013.
September dips in spending have been common.
These findings are
based on Gallup Daily tracking interviews with more than 14,000
Americans throughout September. The poll asks Americans to report the
total amount they spent "yesterday" in stores, gas stations,
restaurants, or online -- not counting home and vehicle purchases, or
normal monthly bills -- and gives an indication of their discretionary
spending.
The drop in spending Gallup found in September is not
unusual. Since 2010, spending has dropped each year between August and
September, although the size of the drop has varied. The consistent
declines may be the result of increased spending in August, thanks to
back-to-school purchases and summer vacations.
September's $7
drop in average spending is comparable with past August-to-September
drops. Last year, the drop was $11, from $95 in August to $84 in
September.
Monthly averages in self-reported spending so far in 2014
have generally exceeded average spending for the corresponding month in
2013, and especially so for 2009 to 2012, when averages were generally
in the $60 to $70 range. However, this year's monthly averages are still
lower than the nearly $100 averages seen in 2008.
In September,
daily self-reports of spending among upper-income Americans (those with
annual household incomes of $90,000 a year or more) fell for the second
month in a row, to average $140 a day -- well below the 12-month high of
$190 in July, and near February's 12-month low of $135.
Spending
among middle- and lower-income Americans -- which tends to be much more
stable -- dropped only slightly, from $80 in August to an average of $77
in September. Reported spending among this group in the past 12 months
has fallen into the narrow range of $84 (in December 2013) to $69 (in
January 2014).
While Americans' average self-reported daily
spending dropped in September, decreases from August to September are
common, and average September spending this year exceeded September
spending last year.
According to Gallup, spending has generally
increased since 2010, during the aftermath of the recession. And,
compared with September 2013, spending increased this September.
However, the consecutive two-month drop in spending among upper-income
Americans could be a troubling sign, as this group generally has higher
discretionary spending than middle- and lower-income Americans.
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