Americans Spend 16% More Than Previous Year

Gallup reports that Americans’ daily spending rose sharply during March.  Based on self-reported data on daily spending at restaurants, stores, gas stations, and online, Gallup found that the average American spends $74 a month, up eleven dollars from the previous month.  This figure is also up 16% from March of 2011, when the average American spent $64.  The recession obviously influenced consumer spending.  In March of 2008, with the recession just beginning, consumer spending hovered at $81 a month.  Examining just the month of March over the past 3 years (comparing multiple months is difficult due to seasonal factors influencing consumer spending), it is clear that the level of spending remained in a tight range of $59 to $64.  While the financial crisis drove Gallup’s consumer spending down anywhere from 21% to 27%, the most recent jump in the figure represents a refreshing development.  With that said, Gallup’s Chief Economist Dennis Jacobe notes that newfound economic confidence, strengthened job creation, higher gas prices, and an early Easter may all have direct influence on daily spending.