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Consumers Don’t Want to Spend Money, Especially for Big Ticket Items, Says Britt Beemer, America’s Research Group
Charleston, SC, January 23, 2007…. Over 40% of shoppers (44.9%) say that they “don’t want to spend the money” when asked why they are putting purchases of $500 or more on hold, according to a survey conducted by America’s Research Group (ARG). Only 36.4% last year gave this reason for their cautious spending on big-ticket items. Another 18% said that these items are “more than they want to spend,” up from 13% last year.
“Retailers should take note of these highly frugal shoppers who remains cautious about spending their hard-earned money,” said C. Britt Beemer, founder and CEO of ARG. He called this consumer attitude a “negative sign” for first quarter retail sales.
Consumers questioned in early January continue to look for items on sale, according to ARG, with only 26.5% of them saying they would buy at full retail price. More consumers than ever before (19.4%) reported “putting on hold” purchases of $500 or more in the December shopping period, compared to 16.2% in December 2005 and 12.5% in December 2004.
The study consisted of 1,000 telephone interviews conducted Friday, Saturday and Sunday, January 4 to 6, 2007. The error factor is plus or minus 3.8%.
America's Research Group is the consumer behavior marketing firm that provides clients the insight, strategy and tactics to increase market share. America's Research Group's expertise in consumer behavior has made it a key resource and advisor to leading brands and top retailers in the nation for 27 years.
Contacts: Britt Beemer, ARG, tel: 843 345 0939 BBA Communications: Barbara Burns/ Eve Edwards Tel: 212 486 1140 / 516 859 3402
Barbara Burns (212) 486-1140