Last month ChangeWave reported U.S. consumer spending growth was trending slightly lower. Now our January survey shows a further and more significant weakening in consumer spending going forward.

Worries over global economic conditions are continuing to have a big impact on discretionary spending. Seasonality is a key factor as well, with several spending categories and retailers registering declines similar to previous years. Nonetheless, this is the biggest monthly decline we’ve seen in more than five years.

The January 4-18 survey of 2,090 U.S. consumers also shows a significant downturn in consumer expectations and confidence.

On a brighter note, consumers are less worried about losing their job than previously, and inflation and energy costs remain subdued. ChangeWave Research is a service of 451 Research.

Report details include:

• Consumer Spending Behavioral Forecasts – Past 5 Years Comparison
• Impact of Global Economic Issues on U.S Spending
• Changes in Consumer Sentiment and Expectations
• Consumer Confidence with the U.S. Stock Market
• A Look at Next 90-day Spending Projections for Major Retailers
• Consumer Spending on Electronics, Household Repairs/Improvements, Restaurants, Retailers, Travel/Vacation, Autos, and other categories
• Consumer Use of Cloud Storage Services

The complete report is available here.