The Discover U.S. Spending Monitor continues to fall, dropping below the 80 for the first time in November. While the magnitude of the declines have decelerated from the freefall that began in August, it is likely a result of holiday season spending. When measured against last year however, holiday shopping is estimated to be significantly lower, with nearly two-thirds of consumers planning on spending less.
According to Margo Georgiadis, executive vice president and chief marketing officer for Discover Financial Services. “Americans at every income level and age, married or not, with kids or not, appear to be unified in their view of the economy: it’s poor.”