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Poll: Most still unwilling to spend

By Jay Heflin - 10/04/10 10:17 AM ET

A new Harris poll finds Americans remain stuck in neutral when it comes to spending, which doesn't bode well for getting the economy moving again.

"There are no signs here that consumer spending will soon start rising, and plenty of evidence that many people continue to be careful about spending their money," the poll states. 

Harris has tracked consumer spending habits since the economic crisis began in 2008 and has found consumer sentiment remains largely unchanged. This includes spending attitudes toward big-ticket purchases, such as homes, automobiles and computers. 

"Those who say that they expect to have more money to spend the way they want (28 percent), to buy a new computer (21 percent), to move to a new different home (17 percent) or to buy or lease a new car or truck (12 percent) are all virtually unchanged since May 2009," the poll states. 

The poll comes as Democratic lawmakers have vowed to extend the Bush-era tax cuts for the middle class to help boost spending. The survey, however, suggests congressional efforts to stimulate the economy might not be enough as consumers are more inclined to save money than to spend it.

"[The findings] strongly suggest that a substantial change in consumer spending is unlikely in the near future, that in the absence of increased spending economic growth will be sluggish and that unemployment is unlikely to decline in the next few months," the poll states.

The poll tapped the opinions of 2,620 adults between Sept. 14-20. 

Additional information on the poll can be found at www.harrisinteractive.com.


Source:
http://thehill.com/blogs/on-the-money/economy/122343-new-poll-shows-most-still-unwilling-to-spend
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