19 Feb
2009
But what the data, the hard facts, mean for you – if you run a consumer business – is that your customers are spending $400 less each month than they were a year ago, have burned through half of their savings, and on average have taken on an additional $5k in debt. - mint.com
According to Mint.com & their 900K sample points throughout their users, and $50B assets & liabilities, " a tremendous insight" has surfaced around consumer spending trend in 2008. Using statistics, Mint claims a decrease of $400 a month in consumer spending and categorically decrease of average 25% decline with slight increased spending on financial advisors. Furthermore average account balance was halved to around $5,500 with credit card debt hovering at the same range, investments shrinking by 24% and loans increasing by 11%.
Summarised from:
The Economy according to Mint - TechCrunch via Mint.com
