The latest BIGresearch study, and light-hearted analysis on the State of the US Consumer in June 2007, says that when it comes to today's consumer, it's difficult to figure out which way is up. It gets even more perplexing when the voices of consumer experts, Wall Street analysts and media talking heads chime in.
Many consumers are feeling confused and wonder why they feel bad when the experts say they should feel good. Away from the land of econometrics and modeling lies a different world - Main Street USA, where over 70% of the economic activity takes place by its inhabitants who are known as consumers...real consumers who live their daily lives without benefit of historical econometric models or knowing what the price of a barrel of oil is.
On Main Street USA, consumers worry about today's price for a gallon of gas, how high it will be tomorrow or what impact it will have on their budgets. They are concerned about their grocery bills, which keep going up, and they want to find the retailer that has the best quality at the lowest prices for Junior's new school outfit. BIGresearch's June Consumer Intentions & Actions Survey (CIA) explores the complex and ever-changing world, known as the consumer.
Reported is the collective wisdom of over 7,500 consumers from BIGresearch's June CIA Survey, responding to their own situations, which BIGresearch believes they know best. Not included is the voice of the experts in these findings, notes the report.
- Women are least confident in the economy over the next 6 months followed by consumers with incomes below $50,000. Men are most confident.
- Shopping trips are being impacted by higher gas prices as 41.9% of consumers say they are taking fewer trips and 40.1% are shopping closer to home.
- Overall 72.9% of the people think gas prices will be higher by July 4th. 77.8% of consumers who have a student loan think gas prices will increase over this time frame and the average price will be $3.39 a gallon.
- 39.9% of the respondents believe the stock market accurately reflects the strength of the economy and 60.9% said it doesn't.
- 32.3% of all women respondents plan on decreasing spending over the next 3 months and 32.9% of consumers with incomes over $50,000 said same.
- Future purchase intentions for durables such as computers, furniture, appliances, home improvements, TV's, digital cameras, and housing all are up from the previous month (May) indicating consumers may have some pent up spending to do in the 3rd and 4th quarter of the year.
For a detailed table of responses from BIGresearch, please click on this URL link.