Even if economists say the economic tide is turning, US consumers are skeptical, with two-thirds (67%) planning to decrease spending on restaurant meals and entertainment in the next six months, according to a recent Harris Poll.
There is also talk of the residential housing market starting to rebound, but US consumers aren't buying it—only 8% reported that they are likely to purchase a house or condo in the next six months.
This table shows the six-month trends in spending and saving that the poll uncovered:
Key findings:
- Only 4% of respondents said they were likely to buy a boat or recreational vehicle such as a motor home or boat in the coming half-year, with 91% of respondents saying that it was "not at all likely" that they'd make such purchases.
- Bad news for the car industry: Only one in 10 (10%) respondents said it was "very likely" or "somewhat likely" that they'd buy a new car, truck, or van in the next six months. More than three-quarters (76%) said making an automotive purchase was "not at all likely."
- A mere 2% said it was "very likely" that they'd start a new business in the coming six months.
- Exactly half of the respondents said they will be saving or investing more money in the next six months, slightly down from 53% who said so in May of this year.
Little Change Since the Spring
Harris conducted an identical poll in May; September's results differ little from May's, although they do suggest that consumers are even gloomier now than they were four months ago:
Key findings:
- Just one-quarter (25%) of respondents to September's poll said they anticipate having more money to spend the way they want, virtually unchanged from the results of the May 2009 poll.
- Just 14% of those surveyed in September said they are likely to move to a different residence and less than one in ten (8%) say they will be likely to purchase a house or condo in the next six months. These results are slightly more negative than May's results. In the May poll, one in five U.S. adults (19%) said they were likely to move in the next six months and 9% were likely to purchase a house or condo.
- Almost unchanged from May, one in five (19%) of respondents to September's poll said they will be likely to buy a new computer in the next six months, compared with 21% who said so at the beginning of the summer.
- In May, as people were planning their summer vacations, more than one-third (36%) of survey respondents said they would be taking a vacation away from home lasting longer than a week in the next six months. The end of summer tends to mean less travel, and now only 28% of respondents anticipate taking a week-long vacation in the next half-year.
About the data: Harris Interactive surveyed 2,334 adults online between September 8 and 15, 2009.
