Consumer Spending Still Dropping (WMT)(COST)(BBY)(SHLD)
ChangeWave looked at consumer spending habits between February 18 and February 25. They polled 3,773 people on their spending plans going forward.
Thirty-nine percent said that they would spend less over the next 90 days. The is five points worse than in January and the lowest measurement since the poll began in 2002.
Only 25% of respondents said they would spend more.
Among the affluent, those with over $125,000 in annual income figures also dropped.
Among the places people were likely to shop in the next 90 days, Wal-Mart (WMT) and CostCo (COST) topped the list. The retailers which did poorly in the “future spending” category included Best Buy (BBY), Macy’s (M), and Sears (SHLD).
Douglas A. McIntyre