Pressured Consumers Plan Less Spending for Holidays
November 19, 2009
More than 77.4 percent of American consumers feel pressured from the debt this holiday season, according to a Consumer Mind Reader survey released today by America's Research Group and UBS.
Of those, 65.3 percent say they will spend less this Christmas making a gloomy prospect for retailers.
"Job fears are at the highest level we have seen at ARG in 30 years of talking with consumers,” said Britt Beemer, chief executive officer and founder of ARG. “Americans have no choice but to buy less today."
According to the survey, 37 percent of consumers say they have seen layoffs at work, 35.3 percent expect to see layoffs, and 43.9 percent do not feel secure in their jobs.
Earlier this month, Beemer said retail sales would be down 2.9 percent compared to last year.
The ARG consumer confidence number is at a low 46.1 percent, according to Beemer. Last year it measured more than 80 percent.
The number of consumers postponing big purchases is up to 16.9 percent this year from 11.7 percent at the same time last year.
The ARG/UBS Consumer Mind Reader survey consisted of 1,000 telephone interviews conducted Nov. 12-14 at ARG headquarters in Charleston, S.C. The error factor is plus or minus 3.8 percent.
Of those, 65.3 percent say they will spend less this Christmas making a gloomy prospect for retailers.
"Job fears are at the highest level we have seen at ARG in 30 years of talking with consumers,” said Britt Beemer, chief executive officer and founder of ARG. “Americans have no choice but to buy less today."
According to the survey, 37 percent of consumers say they have seen layoffs at work, 35.3 percent expect to see layoffs, and 43.9 percent do not feel secure in their jobs.
Earlier this month, Beemer said retail sales would be down 2.9 percent compared to last year.
The ARG consumer confidence number is at a low 46.1 percent, according to Beemer. Last year it measured more than 80 percent.
The number of consumers postponing big purchases is up to 16.9 percent this year from 11.7 percent at the same time last year.
The ARG/UBS Consumer Mind Reader survey consisted of 1,000 telephone interviews conducted Nov. 12-14 at ARG headquarters in Charleston, S.C. The error factor is plus or minus 3.8 percent.
