Ruh-oh.We just got this in the inbox from Discover Financial Services, which keeps its own tally of consumer discretionary purchases.
The title of the email we got:
Consumer discretionary spending plummets on eve of holiday – June Discover U.S. Spending Monitor
Discover’s June U.S. Spending Monitor is available today and shows consumer confidence dropped to its lowest levels since the start of 2012, declining 4.8 percentage points to 90.7. June’s monitor reports that consumers saw their personal finances and the economy as worsening, leading to lower spending intentions, specifically on discretionary purchases.
- More than half of respondents rate the U.S. economy as poor, a 3-point increase since May and the highest level since January 2012
- Nearly half (48 per cent) of consumers expect spending on major personal purchases, like vacations, to be lower in July, a 6-point increase since last month
- Nearly half (47 per cent) of consumers expect to spend less on discretionary purchases in July, like going out to dinner or the movies
- Consumers expecting to spend more in the month of July dropped 4 percentage points to 25 per cent