CHARLESTON, S.C. — Just when it seemed consumers were opening up their wallets again, they will cut back spending this summer, according to results of a new survey by America’s Research Group here.
“Discretionary consumer spending will be in steep fall this summer as a majority of Americans rethink everything from back-to-school spending to vacation plans,” Britt Beamer, chief executive of America’s Research Group, said in a statement. “Disappointing May sales figures are only a beginning of the trend to cutbacks in consumer spending.”
The survey revealed the European credit crisis had affected optimism for a recovery in the U.S., with more than half of U.S. stock market investors expecting to cut back spending during the summer months. Of those with school-age children, many said they expect to spend 25% less for back-to-school apparel.
The results were based on 1,000 telephone interviews held in early May.
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