U.S. consumers were spending money in July at about the same rate as last year, and up slightly from June 2012 spending. In a self-reporting poll from Gallup, consumers’ average daily spending in July totaled $73, up from $70 in June and down from $74 in July 2011.
While the short-term comparisons suggest little change in consumer spending, the broader trend has been toward increased spending after a sharp drop following the 2008 holiday season. For 2012 to date, Americans’ reported daily spending has averaged $70. Each year’s spending has increased over the prior yearly average since 2010.
In 2009, average daily spending totaled $64, rising to $65 in 2010, $68 in 2011 and $70 so far in 2012. If the rest of 2012 follows the usual pattern, the annual average for this year will rise even more, as spending typically increases in the second half of a year.
Contrary to some reports of lower spending by higher-income consumers, Gallup’s survey shows consumers with incomes of more than $90,000 are spending $126 a day. Those making less than $90,000 are spending an average of $59 a day.