Americans are cutting back on their spending over the next six months. Specifically:
- Three quarters of Americans say it is likely that they will decrease spending on eating out in restaurants (74%) and reduce their spending on entertainment (74%). This is up from November when 65% said they would decrease spending on eating out and 64% would reduce entertainment spending;
- Two-thirds of Americans (65%) say it is not likely they will take a vacation away from home lasting longer than a week while 35% say they will vacation away from home. In November, three in ten (29%) of Americans said they would be likely to take a trip;
- Large purchases will also suffer as more than three-quarters of Americans say it is not likely they will buy a new computer (78%), move to a different residence (80%), buy or lease a new car, truck or van (89%), purchase a house or condo (90%), start a new business (90%) or buy a boat or recreational vehicle (95%). These numbers are all very similar to November so people are still not ready to spend on the big-ticket items;
- Only one in five Americans (21%) say it is likely they will have more money to spend the way they want in the next six months which is slightly down from 25% in November; and,
- People are split on saving or investing as 50% say it is likely they will save or invest more money while 50% say it is not likely they will do so, almost unchanged from November when 49% said they were likely to save or invest and 51% said it was not likely.