Consumer spending down in November

Discover's consumer spending index declines, as high cost of household expenses weakens confidence in economy.

Discover Financial Services said Wednesday its consumer spending confidence index, which surveyed 14,000 adults about their spending habits, showed a sequential decline in consumer spending.

The November index declined to 93.4 from 96.5 in October, as consumers felt less confident about the economy and their personal finances.

For the first time since inception of the index in May, the number of consumers rating the economy as good or excellent declined below 30 percent to 28 percent, a drop of nearly five points from October.

Meanwhile, 46 percent of those surveyed said they felt their finances were worsening.
Margo Georgiadis, executive vice president and chief marketing officer for Discover Financial Services (Charts), said consumers are growing increasingly concerned about the state of the economy and how to adjust their finances.

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