Gallup: Thanksgiving Week Spending Fell from Last Year

Wednesday, 28 Nov 2012 08:47 AM

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Shoppers might have packed the malls in droves this year, but they weren’t spending as much as they were last year, a new Gallup poll finds.

Self-reported U.S. consumer spending in stores, restaurants, gas stations and online averaged $67 per day in the week ending Nov. 25, including the Black Friday weekend, Gallup reported.

The figure marks a decrease from $83 a year ago and from $79 in 2010.

Editor's Note: How You Lost $85,000 During the Last Decade. See the Numbers.

The number is basically unchanged from $69 in 2009.

But the numbers don’t paint a totally gloomy picture.

Consumer spending came in higher in the week before Thanksgiving week this year, at $74, compared with $64 in 2011.

Strong pre-Thanksgiving week sales might have taken some spending from Black Friday week, Gallup noted.

“Americans’ self-reported spending for the week spanning Black Friday suggests that while some of the nation’s retailers may have done well this year, consumers report spending less than they did a year ago at the traditional start to the 2012 holiday season,” Gallup reported.

“This may be partly a result of the early start to the holidays, with Thanksgiving coming early in 2012.”

Add to that Cyber Monday wasn’t included in the data.

Meanwhile, the Conference Board reported that U.S. consumer confidence rose to its highest level since February 2008.

The Conference Board’s index of consumer confidence rose to 73.7 in November from 73.1 in October.

“The Consumer Confidence Index increased in November and is now at its highest level in more than 4 ½ years (76.4 Feb. 2008). This month’s moderate improvement was the result of an uptick in expectations, while consumers’ assessment of present-day conditions continues to hold steady,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement.

“Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence.”

Editor's Note: How You Lost $85,000 During the Last Decade. See the Numbers.

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