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Deloitte Consumer Spending Index 'achieves an 11-month high'

Dec 29
Tags: Deloitte, USA
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Deloitte Consumer Spending Index 'achieves an 11-month...

The Deloitte Consumer Spending Index, which tracks cash flow as an indicator of future consumer spending, has reached its highest point in almost a year.

Daniel Bachman, the organisation's senior US economist, commented: "The Deloitte Consumer Spending Index grew to reach the highest reading since November 2013. November's number benefitted from improvements in real wages, house prices and the labour market. The fundamentals for consumer spending remain strong."

Last month, the Index - made of four components:  tax burden, initial unemployment claims, real wages and real home prices - climbed from 4.0 to 4.5. 

Alison Paul, vice chairman at Deloitte LLP and retail and distribution sector leader, said that better economic conditions and predicted increase in sales for the festive season should help retailers to end the year looking strong.

She added that Deloitte's 29th Annual Holiday Survey reveals that half of consumers had planned to begin their Christmas shopping before Thanksgiving (November 27th), while 43 per cent intended to start in December - marking an increase of six percentage points compared to 2013.

"Furthermore, with the length of this year's holiday shopping season essentially staying the same as last year, retailers may want to advance their promotional calendar, and therefore avoid any last-minute online shipping delays that they experienced last season," Ms Paul continued.

She believes that in doing so, customers will remain satisfied, especially as their gifts would arrive in time for Christmas Day.  

Some of the highlights of this month's Deloitte Consumer Spending Index included a tax rate that has been effectively unchanged from October's 11.8 per cent. Initial unemployment claims experienced a massive drop, from 280,600 from 295,000, marking a 12 per cent fall compared to November 2013.

The Index also discovered that real hourly wages inched up by 0.2 per cent last month compared to October and 0.8 per cent versus the same period in 2013. New home prices increased significantly, jumping by 16.5 per cent to $128,000 (£82,201) in November, which is a 6.5 per cent gain compared to last year.

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