Consumers Will Spend Despite Economy, Says American Express
NEW YORK-Even with economy continuing to waver, 64 percent of consumers polled in the American Express Spending & Saving Tracker said they will either spend the same or more in the next six months, compared to the same period last year.
This represents an increase of 10 percentage points over the same findings from last year's survey. In terms of spending plans, 43 percent of the survey respondents said they plan to make a large purchase by the end of this year, with 14 percent saying that this purchase would be furniture and 10 percent opting for a household appliance.
While the jobs picture hardly shapes up as robust, 69 percent of the participating consumers said they feel more or equal job stability at this time, compared to one year ago. Pamela Codispoti, executive vice president and general manager of consumer card services for American Express, called it "encouraging to see that those fortunate enough to be employed are experiencing feelings of greater job and financial security and are doing their part to stimulate the economy."