June sees decrease in consumer confidence, discretionary spending and income

July 9, 2009 | Print this Page.
Consumers reported plans to cut their discretionary spending.
Small businesses concerned about their cash flow may need to wait a little longer to see a return to consumer spending, according to the June Discover U.S. Spending Monitor, released this week.

Consumer confidence remains low, with 59 percent of respondents rating the current economic conditions as poor. This represents a 4-point increase from the previous month and the first increase since February.

However, the number of consumers who feel the economy is getting worse remained unchanged at 49 percent, a monitor low.

The monitor also reported that, for the third straight month, less than half of respondents have money left over after paying the bills - 47 percent said this was the case, a 1 percent decrease from the month before.

Small businesses that will be particularly affected by the monitor's results are those in the travel and tourism, entertainment, and home improvements suppliers and manufacturers industries - 51 percent of consumers plan to cut discretionary spending in those areas, a 2 percent increase from the previous month.

Small businesses in those industries, as well as any small businesses concerned with their cash flow, may want to consider small business loans to sustain them until consumer spending rebounds.

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