ANN ARBOR – Here’s some news that should give Retailers and eTailers a warm feeling this Holiday season. A University of Michigan report released Friday contends consumers will spend more in 2015 and 2016 than they have since 2016, before the long recession began.
U-M economist Richard Curtin, director of the U-M Surveys of Consumers, said consumer spending will advance by nearly 3 percent during 2016.
Curtin presented his annual forecast of consumer spending at the annual U-M Economic Outlook Conference this week.
“Growth in consumer spending will be higher in 2015 and 2016 than in any prior year since 2006,” Curtin said. “Perhaps more importantly, by the end of 2016, the current expansion will have lasted seven-and-a-half years and will be the fourth-longest expansion during the past 150 years.”
Conducted by the U-M Institute for Social Research since 1946, the surveys monitor consumer attitudes and expectations. The data are available non-exclusively via Bloomberg.
Get the full report at http://ns.umich.edu/Releases/2015/Nov15/EOC2015_Curtin.pdf
