Consumers’ Spending Has Risen

Most recent investigations and reports show that while consumers’ spending rose in December, their savings declined. According to the data provided by the Federal Reserve, there was an increase in consumer debt, mainly on credit cards, in December. These data can be proved by all the stores that faced that strong consumers’ wish to buy. Everyone knows that the most favorable season for the stores is holidays’ time, which is over now. But the sales continued to rise even in January! As many people say, now there is no fear of being dismissed and unable to find a new job. At the same time, after not spending much during the crisis, people want to breathe freely and go shopping. The result is that they spend their saved money without any hesitation. Lakshman Achuthan, the Managing Director of the Economic Cycle Research Institute in Manhattan, says that “strong across-the-board consumer spending is going to continue well into 2011”. Some people also admit that they have already booked vacations while they could not afford it before. It is a bright evidence of consumers’ confidence in their solvency. After a long stagnation a tendency of investing into expensive apartments was indicated. For example, Miss Evans says that she made a recent deposit of $5000 on an apartment in the center of New York. Consumers spend more not only at stores but also at restaurants and many other places. Analyst of RBC, Larry Miller admits that according to the latest researches the number of consumes wanting to pay much for eating at restaurants is 7% higher now than it was a few months ago. Less worried about any economic slowdowns, people are not afraid of spending their money. Hope, it will help make them happy and improve the world economic situation.