Consumers sick of scrimping are taking more chances to splurge—such as for renovation projects—reports the New York Times.
This could be due to seeing a rally of stocks in April, or to as a way to treat themselves for the previous month’s worth of penny-pinching. Whatever the reason, consumers are splurging on everything from a coveted purse to a steak dinner. In fact, a Gallup poll found that discretionary spending rose to an average of $57 per day from previous reports of only $15 to $20 a few months ago.
Furthermore, consumer spending in general increased by 2.2 percent in 2009’s first quarter, according to the government.
Source:
New York Times: Shoppers Feeling Frugal Fatigue Shop A Little
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