Consumer Spending May Be Down but Don't Count U.S. Consumers Out.PORT WASHINGTON Port Washington, uninc. town (1990 pop. 15,387), Nassau co., SE N.Y., a suburb of New York City, on the north shore of Long Island and Manhasset Bay. There is extensive manufacturing, much of it reflecting the region's past association with the aircraft and aerospace , N.Y. -- The NPD Group The NPD Group, Inc. is a leading global market research company[1] founded in 1967 and provides consumer and retail information to manufacturers and retailers. Using actual sales data from retailers and distributors as well as consumer-reported purchasing behavior, NPD , Inc., a leading market research company, announces the results of its most recent monthly Fast Checks* Study: Consumers Speak Out on the U.S. Economy. In July, 34% of consumers stated they would not change their purchase behavior; that is down from April when 42% said they would do nothing different. "This 8 point drop represents billions of dollars in sales that are not being injected in·ject·ed adj. 1. Of or relating to a substance introduced into the body. 2. Of or relating to a blood vessel that is visibly distended with blood. injected 1. introduced by injection. 2. congested. into the normal shopping sectors for consumers," said Marshal Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , chief industry analyst, The NPD Group, Inc. Another shift worth noting is where consumers tell NPD NPD New Product Development NPD Nouveau Parti Démocratique (Canada) NPD Narcissistic Personality Disorder NPD Norwegian Petroleum Directorate NPD Nationaldemokratische Partei Deutschlands they plan to shop. In July, 41% of consumers stated that economic conditions would not affect where they shop. In April, that number was 44%. "This would suggest that we are starting to see signs that consumers are store and channel shifting," said Cohen, "and it represents a huge opportunity for many retailers. Now is the time of year to make those all important 'introductions' to new customers and make overtures o·ver·ture n. 1. Music a. An instrumental composition intended especially as an introduction to an extended work, such as an opera or oratorio. b. to an established customer base. We will see which retailers know how to make new friends and hold on to their old ones." Channel Shifting < < Ap- < < May June July No Impact -will shop where I always shop. < < 44% < < 45% 43% 41% More consumers are feeling some 'budget erosion' due to gasoline and utility expenses. The number of survey respondents saying they are putting more money toward paying their gasoline and utility bills was 66% in July and 65% in April. On the other hand, there hasn't been much change in the number of survey respondents who say they are concerned about losing their jobs. That number has remained flat at 34%. "This is a very important number to watch as it most directly reflects the state of the spending psyche Psyche (sī`kē), in Greek mythology, personification of the human soul. She was so lovely that Eros (Cupid), the god of love, fell in love with her. of consumers," noted Cohen, "As long as they feel comfortable about their continued employment, they will continue to spend." Methodology: The NPD Group fielded this study using Fast Checks*. This Fast Checks survey was fielded to a nationally representative sample of 2,000 men and women ages 18 and older. The data has been weighted. The data presented in this report was collected from 812 total respondents. The survey was fielded Monday, July 7th to Monday, July 12th, 2008. *NPD's Fast Checks surveys are quick, flexible, and budget-conscious online surveys. About The NPD Group, Inc. The NPD Group is the leading provider of reliable and comprehensive consumer and retail information for a wide range of industries. Today, more than 1,600 manufacturers, retailers, and service companies rely on NPD to help them drive critical business decisions at the global, national, and local market levels. NPD helps our clients to identify new business opportunities and guide product development, marketing, sales, merchandising, and other functions. Information is available for the following industry sectors: automotive, beauty, commercial technology, consumer technology, entertainment, fashion, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , food service, home, office supplies Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). , software, sports, toys, and wireless. For more information, contact us or visit http://www.npd.com/. |
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