Bigresearch said shoppers not seeing economic recovery this summer
Home Textiles Today Staff -- Home Textiles Today, 7/23/2010 4:57:22 PM
Columbus, Ohio - It looks like the confidence consumers felt closer to the beginning of this year has begun to wane this summer, as consumer research firm Bigresearch recently discovered.
Based on the results of its latest American Pulse Survey of 6,648 respondents, Bigresearch found that almost half - or 48.2% -- of surveyed shoppers said they disagree/strongly disagree that this is a financial "recovery summer" for the U.S. Only 17.6% said they agree/strongly agree in the summer revival, and two in five (43.4) think the Obama administration's efforts for getting the economy back on track have made matters worse. About one-third, or 32.4%, said its attempts have been helpful. However, the jury is still out for 24.2% of Americans.
The survey also found that more people think President Obama's accomplishments, such as healthcare and financial reform, should be booed than applauded - 41.4% versus 37.6%, respectively. One reason could be uneasiness over increased government spending, as 75.1% of respondents said that the growing deficit is hurting future economic growth for America.
"From all the uncertainty over the economy, new consumer behaviors are emerging," Bigresearch noted.
For example, 65.5% of consumers said they have cut back their credit card usage, and almost three-fourths (72.9%) said they don't plan on ever returning to how they used credit cards prior to the recession.
Rather, it appears that consumers are looking for additional ways to stretch their dollars - such as shopping for second-hand goods. As a result of the recession, 33% said they have purchased items at thrift/charity stores such as The Goodwill and 26.9% said they frequent garage sales. Other discount shopping venues shoppers are turning to include wholes clubs -- 30.8%, and online, where 30.4% said they have shopped.
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