U.S. shoppers worried by the nation’s worsening economic crisis cut back on spending across the board in September as the country's financial crisis worsened, MasterCard Advisors said in a report on Tuesday.
Not one spending category posted positive gains over last year, according to the report by SpendingPulse, the retail data service of MasterCard Advisors.
Overall September apparel sales fell 5.5% from a year ago, with women's apparel down 9.1%. Furniture sales sank 13.3%, the worst decline since 2003, while electronics and appliance sales tumbled 13.8%.
"The turmoil on Wall Street had an immediate impact on consumer confidence," said Kamalesh Rao, director of economic research for SpendingPulse. "Uncertainty around the financial markets naturally forces people to scale back their own spending."
In other categories measured by SpendingPulse, spending on hotels fell 4.9% in the month, as higher fuel prices crimped travel plans and dampened airline ticket sales. E-commerce sales were down 8.4%.
Luxury spending, including high-end department stores, leather goods and high-end restaurants, fell 4.8%.
SpendingPulse data is derived from aggregate sales in the MasterCard U.S. payment network, coupled with estimates on all other payments including cash and checks.