American consumers are just as reticent about making big-ticket purchases as they were at the start of the recession, a new poll by Harris Interactive shows.
According to the polling firm, which surveyed 2,620 people about their purchasing habits, 66 percent of Americans expect to spend less on restaurant meals in the next six months. And 62 percent say they will cut back on their entertainment spending.
Those percentages, Harris said, have not changed materially since the recession began at the end of 2007.
Also significant is that few people anticipate having discretionary income in the coming months. Just 28 percent said they thought they would have more money to spend on things they wanted - a sign that consumer spending, on which roughly two-thirds of the economy is dependent, probably will not pick up any time soon.
"A substantial change in consumer spending is unlikely in the near future," Harris said. But consumers' steadfast thriftiness could have negative consequences.
"In the absence of increased spending," Harris suggested, "economic growth will be sluggish."
