America’s “Summer of Funk”

Consumers are in a funk in the Summer of 2012.

How much do American consumers spend in an average day? According to a July 2012 Gallup Poll, they spend about $70 per day in stores, gas stations, restaurants and online. (Housing, utility costs and vehicle purchases are extra.)

It turns out that this figure is a pretty big drop from the average daily spend of $104 Gallup found in 2008.

That meme we’re hearing on the campaign trail about people’s livelihoods having shrunk over the past three or four years? Evidently, it’s a fact.

And Gallup is also finding that upper-income Americans have undergone the same degree of spending reduction as everyone else. Their spending is now down to about $116 per day.

Evidently, confidence in the U.S. economy and the stock market’s uneven performance have taken their toll on the psyche of even the affluent classes in America. And Gallup isn’t the only organization charting this. Ipsos MediaCT is finding a similar story in its surveys.

Last week, Stephen Kraus, an Ipsos senior vice president and author of several books on the upper-income sector of society, wrote: “Widespread uncertainty plays a role in a fundamental fact of today’s “affluent” marketplace. For the most part, affluents today simply don’t feel affluent.”

Krauss continues, “This feeling isn’t new; for most, it is part of the lingering hangover of The Great Recession. But it is particularly pronounced in the summer of uncertainty.

Krauss concludes his remarks with this rather gloomy observation: “It’s a summer of uncertainty indeed – about the economy, about the future, and even about one’s own standing in today’s financial hierarchy.”

Reading these very latest reports on the level of uncertainty – even resignation – that people have about the economy, it underscores the collective funk the American people seem to be in as the 2012 presidential campaign grinds on inexorably to its conclusion.

Perhaps once Election Day has come and gone, Americans will “snap out of it” and begin to feel brighter about the future.

Perhaps. But don’t hold your breath. 

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