Rockville, Md. Consumer spending may finally be stabilizing, even though the overall outlook on the economy remains negative, according to a new consumer survey released Thursday by ChangeWave.
“The combination of a new year, a new presidential administration, and lower inflation are likely contributors to the stabilization seen in this latest [survey],” ChangeWave said. “For the first time since May 2008, there are signs of a consumer spending uptick, albeit [small].”
As many as 57% of consumers said they will still spend less over the next 90 days than they did a year ago, but that’s 300 basis points better than in the December survey, ChangeWave reported.
Another 13% plan to spend more, which is 200 basis points better as compared to last month’s survey.
Meanwhile, 12% of respondents said they think the economy will improve in the next 90 days, while 56% think the economy will worsen over the next 90 days.