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Consumers' ability to single-handedly prevent the economy from
sliding back into recession is in question. That's the apparent message to emerge from our Aug. 2 reader survey, "Taking the Pulse of Consumers."
Of the approximately 1,240 readers who participated, a little more than 60% said they have altered their spending over the past six months. Some 59% say they're already spending less. And 48% intend to spend less than usual over the next six months -- though 37% said they will either spend the same as usual, or more.
Some 76% of those who responded said that, over the past six months, they haven't made a major purchase, such as a car or a house. And 76% said they don't intend to buy either over the next six months.
Of those who participated, 39% are very confident or somewhat confident that the economy will improve over the next six months, while 58% are not very confident, or not confident at all.
Asked how confident they are that their personal financial situations will improve over that period, the participants were split: Almost 48% are very or somewhat confident that they'll be doing better, while 50% are not very confident or not confident.
Asked when they expect the economy, corporate profits, and their own incomes to resume solid growth, the largest percentage picked sometime in 2003, while a minority of participants chose late 2002 and 2004, respectively.
Here are the details of the survey, which as always is unscientific, since anyone who wished to could participate:
Have you altered your spending pattern over the past six months?
Option
Total
%
Yes
765
61.4 %
No
481
38.6 %
If so, have you tended to:
Option
Total
%
Spend more than usual
110
9.46 %
Spend less than usual
687
59.07 %
My spending hasn't changed
366
31.47 %
Have you made a major purchase, such as a car or house, over the past six months?
Option
Total
%
Yes
292
23.59 %
No
946
76.41 %
Over the next six months, do you expect to:
Option
Total
%
Spend more than usual
136
10.92 %
Spend less than usual
599
48.11 %
Keep spending at the same level as now
459
36.87 %
Not sure
51
4.10 %
Do you expect to make a major purchase, such as a car or house, over the next six months?
Option
Total
%
Yes
191
15.43 %
No
947
76.49 %
Not sure
100
8.08 %
How confident are you that the economy will continue to improve over the next six months?
Option
Total
%
Very confident
114
9.19 %
Somewhat confident
374
30.14 %
Not very confident
378
30.46 %
Not confident at all
342
27.56 %
Not sure
33
2.66 %
How confident are you that your personal financial situation will improve over the next six months?
Option
Total
%
Very confident
171
13.76 %
Somewhat confident
422
33.95 %
Not very confident
381
30.65 %
Not confident at all
237
19.07 %
Not sure
32
2.57 %
By when you do expect the economy -- including corporate profits -- to resume solid growth?
Option
Total
%
Late 2002
112
9.02 %
Early-to-mid 2003
374
30.14 %
Late 2003
328
26.43 %
2004
241
19.42 %
Don't know
186
14.99 %
By when you do expect your own income to resume solid growth?
Option
Total
%
Late 2002
222
17.93 %
Early-to-mid 2003
284
22.94 %
Late 2003
223
18.01 %
2004
200
16.16 %
Don't know
309
24.96 %
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Copyright 2002, by The McGraw-Hill Companies Inc. All rights reserved.
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