Less confident consumers tend to spend less, and Elliott Wave International believes that consumers will be on a buying strike over the next few years.
If a historic deflationary trend unfolds as we expect, consumer confidence should slide to all-time lows.
Indeed, the mood of the public is the worst it’s been since the depths of the financial crisis, says a recent NBC News / Wall Street Journal poll.
The survey … shows the mood of Americans descending to depths comparable to those reached during the fall 2008 Wall Street crisis. … Accompanying that shift is a sharp decline in economic confidence. By 42 percent to 17 percent, Americans now expect the economy to get worse rather than better in the next year. A plurality had been expressing optimism since the summer. - CNBC, October 10
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