ARG/UBS Survey: No Discretionary Spending
Slight upticks in consumer spending in the month of April were limited to a very few retailers and were totally replacement driven. These were the major findings of the latest America's Research Group (ARG)/UBS Consumer Mind Reader Survey released today.
The new survey uncovered "no discretionary spending going on in America," according to consumer trend expert C. Britt Beemer, CEO and Founder of ARG. "People are not even thinking about buying things,&. This is the first time in 30 years of consumer surveys that we've seen this low interest in shopping."
According to the survey, 48.5 percent of consumers feel pressure from credit card bills, the primary limitation on discretionary spending. In addition, Beemer said, the survey found that over two thirds of people (66.9 percent) feel that deficit spending in Washington will cause their children to have fewer opportunities and higher taxes.