Consumer spending index down in June
NEW YORK The Deloitte Consumer Spending Index declined in June for the second consecutive month, once again due to weakness in real wages and the housing market, Deloitte reported.
The Index, comprising four components -- tax burden, initial unemployment claims, real wages and real home prices -- dropped back to 4.5%, from an upwardly revised gain of 4.93% a month ago.
"As retailers head into the back-to-school season, they should concentrate not only on attracting customers but also converting them into buyers," said Alison Paul, vice chairman and Deloitte's retail leader in the United States. "Consumers may monitor prices and resist impulse buys should they continue to act cautiously. Retailers that can entice shoppers by pulling the right customer conversion levers and provide a helpful and exciting cross-channel shopping experience may be better positioned to lead the pack this back-to-school season."