The Discover U.S. Spending Monitor fell for the fourth consecutive month in December, declining more than three points to a new low of 76.6. Both components of the monthly spending index – consumer confidence in the U.S. economy and consumer spending intent – reached new lows during the month, as concerns about the economy may be weighing on post-holiday spending plans.
According to the results of surveys conducted for the Monitor during December, the outlook for spending at the start of the New Year appears to be a continuation of the belt-tightening consumers have been practicing over the last few months. Over one-third (34 percent) of consumers plan to spend less in January. This compares to 22 percent in November and just 24 percent from a year ago.