US Consumer Spending Rises in November

The latest survey from Gallup on self-reported daily spending in the US shows that consumers are spending a bit more in November, $71/day, than they did in October, $70/day. In the past 12 months, the highest level of daily spending hit $75/day in December 2010. If the $9/day jump in month-over-month spending that led to that figure holds true this year, December spending could reach $80/day.

The higher level of spending reported by Gallup appears to confirm other reports that US consumers are simply tired of scrimping and are doing something about it:

Despite political and economic chaos in Europe, a fragile U.S. economy, and general lack of economic confidence, it appears Americans are in more of a spending mood this year than in recent holiday seasons. To the extent consumers actually spend more this Christmas, it would be good news for the nation’s retailers and the U.S. economy as a whole.

The survey also underscores that spending among those with higher incomes is growing at a faster rate than overall spending. Among those surveyed who had annual incomes greater than $90,000, daily spending increased from $128 to $131, a jump of more than 9%.