BlogsSpending Spree in August
Americans are on track to reach a five-year spending high.
If Americans keep spending like they are now, it would be the first time since July 2008 that spending reaches an average of more than $100 a day, says a new Gallup poll.
The poll asked more than 6,000 adults living in the U.S. to report how much they spent the day before, not counting the purchase of a car, home, or paying household bills. According to Gallup, that number is at about $103 a day, compared to $89 in July 2013, a $14 per day increase. For people with a household income of less than $90,000, daily spending averaged at $93, compared to $78 in July, suggesting that the lower and middle class are feeling more financially secure.
While the poll didn’t ask what the money was being spent on, it has implications that the economy is doing well.
On average, men have spent $32 more than women per day in August, with both men and women spending over 10 bucks more a day than in in July.
Whether it’s the booking of vacations, or back-to-school shopping, a consumer-spending increase is a hopeful sign for the U.S. economy.