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Economy

Consumer Spending Still Dropping (WMT)(COST)(BBY)(SHLD)

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By Douglas A. McIntyre Published

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

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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