Is spending on the rise?
According to this CNN article, retail sales rose in February, although only by a measly .3 percent. I guess I shouldn’t complain, as a rise in spending is certainly a good sign, and is of course better than the expected decrease in sales. According to the piece, consumer spending accounts for two thirds of America’s economy and “related reports such as retail sales are used to gauge whether a recovery is underway.” Are we slowly pulling out of the slump?
The article cites the change in seasons as an explanation, and a hope, that spending will increase as the temperatures rise and Americans look to refresh their wardrobe for spring and summer.
In looking at my own spending habits, I have to be honest and say they’ve certainly changed since December when I had a regular pay check. Now I’m on a much tighter budget, and rent & groceries have to take priority. My best friends motto is that designer jeans are a much better purchase than food for a week, but my parents probably wouldn’t be happy to hear I was starving myself and out buying Hudsons instead. I’ve definitely bought a few things here or there this semester – Erin and I went shopping when we were in Connecticut, but we had her 40% off coupon to use, and most of the other purchases I’ve made have been straight off the sales rack.
Of course you have to exclude my recent retail therapy binge when I was home last week – I spent way more than I should have and I should probably admit that only a few of the purchases were practical. What can I say, I’m good for the economy?
So here’s a question to you. Yes, you, the approximately 30 of you who somehow (probably accidentally) land on this blog every day. Are you spending less this winter on clothing than you normally do? Are you buying things on sale instead of at full price? Are you going out shopping less than you were in years past? Are you planning on updating your wardrobe as it becomes warmer out, or will you just be pulling out your spring clothes from last year? Please, do share.