Consumers Plan To Increase Spending Later In 2010
Consumer spending to slowly rebound
Just over half (52%) of U.S. consumers believe the recession will end before January 2012, according to a new report from PriceGrabber.com.
“The results of our recent consumer spending survey demonstrate a lift in consumer sentiment,” stated Laura Conrad, president of PriceGrabber.com.
“While many respondents are still currently spending less than they were at the start of the recession, the data on planning for big-ticket purchases and increased consumer spending support consumer expectations of a 2010 economic turnaround.”
When comparing spending habits in the beginning of the recession with current spending habits, 65 percent of consumers are spending less now than at the start of the recession in December 2007, while 6 percent indicated they are spending more.
Moving forward in 2010, fewer consumers (47%) are planning to spend less now compared with the start of the recession, while 12 percent plan to spend more.
In early 2010, 35 percent of consumers purchased a big-ticket electronic product and 24 percent said they have plans to purchase one in the next six months.
Nineteen percent of consumers have already made a big-ticket home improvement purchase and 16 percent are planning to make one in the next six months.
Other big-ticket purchases on consumers’ shopping lists include items for their kitchens (11 percent) and laundry rooms (5 percent), as well as indoor furniture (11 percent) and outdoor equipment (11 percent).