Forty percent of consumers have curbed spending because of the partial government shut down, according to a new poll by the International Council of Shopping Centers. Lower income families are being even more cautious, with nearly half (47%) of consumers earning $35,000 or less scaling back spending. Among consumers making $100,000 or more, 32% said they have cut back.
Most said they cut back “a little” but others said they reduced spending by a considerable amount. Michael Niemira, vice president of research for the ICSC, had this to say about the impact on holiday shopping:
“As Congressional leaders optimistically predict a budget deal may soon be reached, it is clear that the fallout of the past two-week impasse in Congress has affected consumers’ willingness and maybe their ability to spend. Hopefully, if the end of the government shutdown truly is in sight, this is likely to restore consumer confidence quickly and well ahead of the holiday season.”