The Myth of the Poor Consumer

Steidtmann, Carl
February 2005
Convenience Store News;2/7/2005, Vol. 41 Issue 2, p20
Trade Publication
The article focuses on reports of holiday spending coming in above most analysts' expectations, and the new worry of those who choose to look through the economic glass darkly is that the consumer is now tapped out. Their first worry is that the consumer has no savings to fall back on. It is true that the personal savings rate is near zero. But the way the Bureau of Economic Analysis measures savings misses most of the ways consumers save today. Household net worth through the third quarter of 2004 stood at $46.5 trillion, up 8.6 percent in the past year and more than 80 percent in the past decade.


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