Friday AM May 21st, 2010
by: Ed Mayberry, May 21, 2010 6:05:00 am
About 55 percent of those surveyed feel better about the economy than this time last year. Nearly two-thirds say they're planning to spend the same or more at retailers than they did in 2009. Deloitte's Sherry McAvoy says the frugal mindset that consumers adapted in the past couple of years is carrying over.
"I think that we are seeing a continuation of that trend during the recession—consumers trading down and shopping more frequently at discount players. And the consumers told us that they actually intend to keep shopping at those venues, for the most part."
Consumers are increasingly turning to post-recessionary shopping patterns linked to social, mobile and online tools, doing research on consumer sites and checking prices.
"The other trend we're seeing is an increase in purchasing, particularly on the part of Gen X and Gen Y consumers shopping more frequently via their phones. Others certainly taking advantage of discounts and coupons that the retailers are offering directly to the shopper's cell phone."
McAvoy says consumers are cautious, and looking for values. She says higher gas prices and continued unemployment make consumer spending still tenuous.