U.S. Consumer Spending Gains More Over Thanksgiving; Uptick reflects generally higher spending this year.
Byline: Frank Newport
Synopsis: Daily U.S. consumer spending was $100 for Thanksgiving week, higher than spending for the month of November overall. This is also higher than previous Thanksgiving weeks, in part reflecting a general increase in spending this year.
PRINCETON, NJ -- U.S. consumers' self-reported spending in stores, restaurants, gas stations, and online was $100 per day during Thanksgiving week, significantly higher than the average for the entire month of November. The incremental increase in spending last week compared with the November average is slightly higher than what Gallup has observed over the previous five Thanksgivings.
Monthly consumer spending in general has been up this year compared with the same months in previous years. Overall average spending in November was $18 a day higher than in November 2012, and more broadly, this year's November spending is the highest in the six years Gallup has been tracking spending, slightly ahead of November 2008.
The $100 spent on average during Thanksgiving week is also the highest of any Thanksgiving week of the past six. Still, given the overall more robust spending environment in 2013, it is not unusually high. Spending averaged $104 a day in the week ending Aug. 11, and was in the high $90 range for several weeks in July.
Three-Day Averages Show Spending Continuing at a Higher Level
Gallup's three-day rolling averages of daily spending showed a predictable uptick as Thanksgiving approached this year. Self-reported spending began to rise on Tuesday, Wednesday, and Friday (there was no interviewing on Thanksgiving), and peaked at $108 between Wednesday and Saturday, and $109 between Friday and Sunday. Spending was down slightly from Saturday to Monday, which included Cyber Monday, but was still above $100. Importantly, spending appears to be continuing at a relatively high level, averaging $102 for Sunday through Tuesday interviewing.
Still, the triple-digit averages over the past several days are not new highs for the year. Americans' spending averaged more than $100 daily at times in November, October, and other months -- particularly August, when the three-day averages were more than $120 at several points.
Bottom Line
On an absolute basis, spending this Thanksgiving week was higher than any observed for the past six Thanksgiving weeks, and, as is typically the case, was higher than spending for the other weeks of the month. However, this uptick occurs in an...
To continue reading
Request your trial