Average daily spending by consumers in October totaled among the highest amounts this year and more than reports for October dating between 2009 and 2012, according to Gallup’s latest daily spending poll results. The poll indicates consumers’ activity is improving but November’s results will be critical for understanding spending health before the usual December holiday surge.
The daily spending poll by Gallup asked more than 14,000 consumers to consider what they spent “yesterday” at restaurants, gas stations, stores or online. It does not include home, vehicle or other significant purchases, according to Gallup.
“American’s daily self reports of spending averaged $92 in October, up $4 from September. This is just above the $81 to $91 range seen since January 2015,” Gallup reports.The October averages from 2009-2012 range from $63 to $72, making last month’s reports significantly higher; however the average in October this year is closer to the averages of $91 in 2008 and $88 in 2013, according to Gallup.
Gallup will closely watch the results for November to determine how they will influence the overall spending pattern of consumers in fall 2015 compared to the previous two years and figures from 2010 and 2011, when spending increased in October and November.
“While spending increases are practically a given for the month of December, such increases are not guaranteed for November,” according to Gallup.
Gallup recently found that consumers’ mindset about spending for the holidays has bounced back since the Great Recession and the spending estimate of $812 is the highest reported since 2007.