Nov. 4, 2009 (Business Wire) -- The Discover U.S. Spending Monitor fell 3.2 points in October to 85.8 (based out of 100). The decline was primarily due to a rising number of consumers concerned about the state of the economy. Overall, 56 percent of consumers rated the economy as poor, a 4-point increase from September. Forty-six percent of consumers felt economic conditions were getting worse, a 3-point rise from September and the first increase reported since July.

Concern over personal finances also rose in October, as 27 percent rated their finances as poor, a 4-point increase from September. Forty-nine percent felt their finances were getting worse, a 1-point increase from September.

The decline in economic and financial confidence was greatest among women, which may be a concern for retailers heading into the holiday shopping season. The Monitor has shown that spending intentions are tied to economic and financial confidence, and so far, numbers suggest consumers, especially women, are anticipating cutting as much if not more of their holiday spending as they did last year.

Women Decidedly More Pessimistic Than Men about the Economy, Both Share Similar Views about Finances

In October, 58 percent of women rated the economy as poor, a Monitor record 9-point increase from September. Men rating the economy as poor actually dropped a point to 53 percent. Forty-seven percent of women also said the economy was getting worse, a 3-point increase from September, while 44 percent of men felt the same way, a 2-point increase from the previous month.

Women weren’t able to find comfort in their financial situations either. Twenty-eight percent rated their finances as poor, a 5-point increase from September. However, women who felt their finances were getting worse remained unchanged in October at 49 percent. More men also rated their finances as poor, 25 percent versus 23 percent in September. But more men felt their finances were getting worse, 48 percent versus 45 percent in September.

“The Monitor has always shown that women tend to be less optimistic than men about the economy and their finances,” said Julie Loeger, senior vice president of brand and product management for Discover. “But the record jump in the number of women rating the economy as poor and the pessimism over the current state of their finances may indicate a weak holiday shopping season ahead.”

Nearly Two-thirds of Consumers Anticipate Spending Less on Holiday Gifts

Retailers were hoping a better economy may boost holiday spending this year, but while government reports showed the economy gaining some traction in the third quarter, consumers’ holiday spending intentions may be disappointing to retailers.