Why are American consumers still cutting back?
Posted on Wednesday, August 22nd, 2012
The latest Empathica Consumer Insights Panel survey by Empathica of more than 6,500 U.S. consumers found that consumers plan to cut expenses across nearly every discretionary spending category.
The study finds 61 percent of American consumers report reduced spending, citing concerns around debt and increasing costs for basic needs.
The top three areas expecting decline are in fine dining, furnishings and electronics. By contrast, staples including gas, pharmacy and grocery are not seeing declines compared to findings from this time the previous year.
Read the release of the economic findings from the survey to find out:
- The top 15 segments where U.S. consumers are cutting spending
- Consumers’ financial situation
- Consumers’ economic outlook
With consumers being more concerned about spending discretion in this economic climate, it is now more imperative than ever that as a brand, you measure and improve upon your customer experience. Delivering exceptional customer experiences is a winning strategy in keeping you top of mind for those consumer dollars.
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