Toby Smith

Worst Consumer Spending Outlook on Record

by Toby Smith   12/22/08

The latest ChangeWave survey shows the rate of the decline of U.S. consumer spending stabilizing, but the 90-day outlook still remains the worst on record.

The ChangeWave survey of 2,715 U.S. consumers was conducted Dec. 2-9.

Grim Spending Outlook

Sixty percent of U.S. respondents said they'll spend less money during the next 90 days -- one point worse than our previous survey in November 2008. Just 11% said they'll spend more money -- one point better than the previous survey.

Thus, after four consecutive surveys of progressively deeper spending contractions, the December results at last show a leveling off in the rate of decline. Still, the 90-day outlook remains astonishingly grim.