The Consumer Spending Report (CSR) released in November indicates that consumer spending in October increased slightly by .9 points to close to 103 points, but still sits below the current twelve month average of 105.6. The overwhelming majority of consumers rated the economy as fair or poor, continuing this trend from September.
Retail spending decreased in October to 99.4 points. This continues a five month steady decline. Consumers indicated adults are spending less in every retail category: 40.5% spending less on household expenses, 39% spending less on home improvements and 32.8% spending less on clothing/footwear/accessories.
With Black Friday and Cyber Monday coming, 60% of consumers will shop in a retail store, while also using mobile devices and personal computers as part of their sales research and shipping products. In November, consumers indicated they will spend about the same or less than in October, regardless of the upcoming holiday shopping.
Source: Consumer Spending Report
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