Big Ticket Purchases Show No Increase Since May

Big Ticket Purchases Show No Increase Since May

Big Ticket Purchases Show No Increase Since May

The economy may be at a standstill, with little hope for improvement in the near future, according to results from a new Harris Poll. Consumers are not expecting to receive new work or higher income anytime soon, and this is reflected in their reluctance to commit to making large purchases in the next six months.

Using a survey that has been administered seven times over the course of the economic downturn that began in 2008, survey results show that consumers feel the same as they did 18 months ago, and that there is no sign that consumer spending will pick up soon. Over half of all adults reported that they plan to save more money, and around 30% will take a vacation of a week or more in the next six months. That number is only a few percentage points higher than it was a year ago.

Less than 20% of respondents expect to have the money to make large purchases, such as a computer, car, or move to a new home. The number of respondents who plan to buy a new home or condo has risen three percent since May, but this margin is small enough to possibly reflect no such change in the overall mindset of Americans. Also, the number of respondents planning to start a business in the next 6 months rose to 10%.

These results, coupled with the findings of similar Harris Polls, show that consumers are largely remaining static on their opinion of the country’s economic status. These consumers believe that it is unlikely that the economy will pick up enough to improve their spending power in the near future. Despite optimistic reports from other media sources, many of the Americans currently on unemployment have not found work, and are unlikely to do so in the next few months.


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