A majority of US consumers are likely to maintain or increase current spending levels – especially on basics – in the next 30 days, while young professionals and the affluent will up their spending in a broader number of discretionary categories, according to results from the newly introduced American Express Spending and Saving Tracker (pdf) study.
The survey, which asked consumers to compare spending priorities now vs. a year ago, revealed that 60% of overall respondents are willing to spend the same or more in the next 30 days (compared with the past 30 days), while 40% plan to spend less. However, the general population is increasingly willing to spend more on essentials such as groceries and car maintenance, while young professionals and the affluent also put a high priority on non-essentials such as travel and dining out.