Consumers Increase Savings, Expect Economy To Worsen
Consumers have accelerated their saving habits, according to an American Express Spending & Saving Tracker survey.
The survey found that 37 percent of Americans expect to spend less over the next 30 days, a dip from 40 percent who said the same a year ago. The reason for the spending cuts for 55 percent of respondents was saving money.
Another 38 percent said they'd save more in order to reduce debt and 21 percent said they'd spend less because their income had been reduced.
Only 13 percent of respondents said they plan to spend more over the next 30 days. A year ago, 10 percent said they planned to increase spending.
Those who do intend to spend will do so on clothing, groceries and travel, the survey found.
Almost half of survey respondents said the economy will get worse before it gets better, up from 42 percent a year ago.
American Express surveyed more than 2,000 consumers for the survey, mostly young professionals and the affluent.
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