Recession Impacts Consumer Spending

The economic recession in US affected many things in many ways. I remember the old WRI chart based on US government statements and Bush administration statements depicting GDP of US till 2012. It was just a straight line pointing all the way to the sky.

Things don’t remain the same for today. The unemployment rate in the nation hiked to 8%, and almost all sectors of economy are going to show adverse results.

Even consumer spending has lowered, and this Christmas doesn’t seem to be very favorable for businesses.

The GDP of US economy has fallen to 0.3% which is not a small deal. It was expected phenomenon after fall of global economies. Actually economists expected this fall to 0.5%.

There are lot more adverse things to be expected comparing the situations to the depression days of 1970s. Since the spending trends of consumers is not going to increase, the best thing for businesses to do will be attract existing consumers towards them.

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