Consumer spending has seen some dramatic changes since 2007. The stock market crash and monster recession of 2008 hit us hard and forced all of us to reevaluate where we should be spending our income. An article I just read comparing Department of Commerce statistics from consumer spending in the first quarter of 2007 and the same period in 2011 showed some pretty interesting results.
There are several industries that have been hit the hardest over the four-year span. Postal and delivery services have been down a whopping 28 percent, while pleasure boats, tobacco and new cars have been down 12 percent, 16 percent and 12 percent respectively.
Cell-Phone services have seen the greatest increase in consumer spending at 31 percent, while foreign travel to the US is up 17 percent (I am sure the recent weakness in the dollar has something to do with this stat). Up 13 percent? You know it…watches! I loved seeing that. Even during the toughest of times, the watch industry has held strong. Statistics continually show that the cell-phone generation truly does have an unparalleled appreciation for watches.
Images from Time Magazine