Americans’ Spending Remains Cautious

The data comes from Gallup, which asks Americans in a daily poll to report the total amount they spent “yesterday” in stores, restaurants, gas stations or online — not counting home and vehicle purchases or normal monthly bills — and provides an indication of Americans’ discretionary spending.

Among households with income of $90,000 or more, daily spending totaled $152, compared with $76 a day for households with income below that amount. While spending among the lower income group was flat with September spending, the total rose by $12 among wealthier households.

Gallup notes that while October spending was generally stable, it is higher than the level of spending in the depths of and immediately after the recession of 2009 and 2010:

Consumers may be benefiting from low gas prices, and may be able to use more of their discretionary spending on other things without increasing their overall spending. Looking ahead, Gallup’s historical spending estimates in November are typically on par with the October averages. Therefore, November may well show another month of stable but still relatively healthy spending. Typically, spending spikes in December during the holidays.

Following a survey conducted in mid-October, Gallup reported the U.S. consumers plan to spend $781 on Christmas gifts this year, up from a survey total of $704 in November of last year.

ALSO READ: States Where Poverty Is Worse Than You Think