After major upticks over the previous two months, the U.S. consumer spending growth rate is simply holding steady for April according to the latest ChangeWave survey results. However, durable goods, household repairs, and autos are seeing spending improvements. ChangeWave Research is a service of 451 Research.
On a more cautious note, the April 3 – 16 survey of 2,541 consumers points to a decline in consumer confidence and expectations. And while inflation and gas prices appear to be stabilizing, the survey shows consumers are still changing their habits due to the price increases they've encountered in previous months. Travel and vacation spending have been particularly hard hit.
On the home entertainment front, Apple (AAPL) and Amazon (AMZN) continue to outperform while Best Buy (BBY) has hit a new all-time low. Among the major retailers there are few notable signs of change this month.
Whether the sideways growth we're seeing in April is a temporary respite before spending heads up again or is the beginning of a new consumer slowdown is uncertain at this point. While spending remains unchanged this month, the overall outlook is certainly more mixed.
Report details include:
April U.S. Consumer Spending Report
Consumer Spending Holds Steady this Month Even as Confidence and Expectations Drop
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