Report: Consumer Anxiety Up in 2008
Charleston, S.C. About 24.5% of American consumers postponed a major purchase this April, up from 22.9% last year, citing different concerns from those noted in the previous year period, according to a Consumer Mind Reader survey conducted by America’s Research Group (ARG). The report cited major ticket items as those above $500.
About 23.5% of those who postponed major purchases in April 2008 said they just didn’t want to spend the money, while only 31.4% cited the same reason in 2007. Only 17% said high gas prices deterred spending money on big-ticket items in 2007, while 26.5% cited high gas prices in 2008.
Zero percent of those holding off on major purchases in 2007 said they were waiting for a tax refund in 2007, while 26% cited tax refund as a reason for postponing purchases. And although 9.7% of those waiting to make purchases cited credit-card debt in 2008, zero percent cited that reason in 2007.
In addition, only 5.2% in April 2007 worried about job security, while 11.2% expressed concern in 2008.
Meanwhile, consumers in 2007 said that big-ticket items cost more than what they wanted to spend (15.3%), while some couldn’t find what they wanted (11.4%) and others didn’t have the time to shop (11.4%). However, in 2008, 0% cited any of those reasons.