Consumer Confidence Up; Driving and Dining Still Down.
October 9, 2005
According to the BIGresearch Consumer Intentions & Actions Survey in mid-October, consumer confidence gains 4 points to reach 37.3% in October compared to September’s 33.4%… still off about 7 points off from last year. Consumers continue to proceed with caution, though, with 50.1% still say they’ve become more practical in their purchasing in the last 6 months, only a slight decline from September, and a gain of more than 10 points from last year.
With pump prices edging down over the last 30 days, consumers are taking less dramatic measures to make room in their budgets for fuel expenses (compared to September)
53.9% still say they’ll simply drive less (down from 59.8% )
40.7% say they’ll reduce dining out (down from 42.1%)
38.9% will decrease vacation travel at (from 43.4%).
Compared to 2004, though, the cost of motoring is taking a toll on wallets:
As temperatures drop, the study finds that the respondents are planning to cope by:
Lowering their thermostats (47.7%)
Utilizing budget billing (20.7%),
Weather stripping windows (15.5%)
Heating up with a fireplace/wood burning stove (12.4%)
Budget-conscious consumers are still fashion-conscious. 10.6% consumers that newest trends and styles of apparel are important, a rise from 8.3% last year, while 38.2% value familiar clothing labels, up from 34.5% last year.
This month’s Consumer Migration Index (CMI) for Children’s Clothing shows that discounters Target and Wal-Mart have the edge over the competition. With +3.6 and +2.3, respectively, both stores have more new customers entering than customers exiting. Sears and Kmart fall short with consumers at -1.9 and -2.4, respectively:
14.4% cited high prices as the top reason they switched Children’s Clothing stores
10.9%) inconvenient location
7.3% poor selection
To view more charts CLICK above on ‘More Images’.
courtesy of http://www.mediapost.com
