Survey: Consumers ‘recharged’
New York City A survey released Wednesday by Deloitte found that consumers are becoming confident about the economic recovery and their finances are on the mend.
The new survey of consumer retail spending and trends found that 55% of consumers think the economy has started to recover from the recession, and 64% indicate their household financial situation is the same or better compared with a year ago.
In addition, 63% of survey respondents said they are planning to spend the same or more at retailers this year than they did in 2009.
Despite this show of confidence, consumers are mindful of events that could impact their financial situation. More than half (54%) said rising energy prices could cause them to restrain their spending in coming months; 45% say higher taxes and 41% say lack of improvement in the job market could do the same.
About one out of four (27%) believe that the economy is recovering but may fall back into recession.
“Consumers appear to be picking up on the signals that point to brighter days ahead,” said Stacy Janiak, vice chairman and Deloitte’s retail leader in the United States. “The majority of those surveyed indicate their net worth is stabilizing, if not improving. While consumers remain vigilant in this recovery, retailers should be encouraged by consumers’ tone as they plan for the critical fall and winter selling seasons.”