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Large Businesses, Higher Income Consumers Are Spending Less, Finds Study
Between the second quarters of 2014 and 2015, consumer spending significantly slowed, according to research from the JP Morgan Chase Institute. The institute used data from credit and debit card transactions to track spending in 15 major U.S. metropolitan areas. They found that most of the slowdown could be attributed to decreased spending among consumers 65 and older, and among middle- and high-income consumers. Also, while consumer spending declined among all businesses, larger businesses reduced their spending by a larger margin. The researchers conclude that the strong and diverse growth apparent in these cities in 2013, had stagnated in 2014 and early 2015. Read the report…