Published:
Morpace Reports: Sagging Economy Impacts Shopping Behavior
FARMINGTON HILLS, Mich., Oct. 9 /PRNewswire/ -- A new Morpace Omnibus
Study reveals that a majority of consumers, weighed down by economic concerns,
have begun to tighten up their retail spending and many are shifting their
behavior toward money-saving shopping alternatives.
U.S. consumers interviewed September 9 through 16 were asked how economic
conditions have impacted their overall shopping during the past three months.
Fifty-four percent say they have been spending less money than in the past,
outweighing by a margin of over three to one those who report spending more.
Amid the signs of more cost-conscious behavior, 70 percent of consumers
say they are shopping sale items more often and 53 percent report that they
have become less brand loyal in favor of less expensive brands.
"Clearly, financial concerns and uncertainties were already weighing on
shoppers' minds," said Kirsten Denyes, Vice President Retail Practice of
research organization Morpace. "All the troubling financial news of the past
two weeks will only add to their caution."
"A low growth holiday sales season is already expected," Denyes added.
"And we see signs of further shifts in holiday retail behavior as shoppers
pull back."
One such shift is suggested by the survey's finding that almost one-fourth
of consumers expect to spend less money this holiday season at department
stores, compared to last year. In contrast, net gains -- subtracting those who
expect to spend less from those who expect to spend more -- are noted for
discount stores and online retailers.
Survey interviews were completed with 1,171 consumers selected from an
Internet panel of adults aged 18 and over. The sample's demographic profile is
reflective of the U.S. population.
About Morpace Inc.
Morpace is a full-service survey research and consulting organization
specializing in automotive, financial services, health care, retail and
technology. Morpace has global expertise in providing innovative proprietary
solutions to clients in four core areas: market definition and segmentation;
product development and pricing; brand and image positioning; and customer
satisfaction and loyalty.
Established in 1941, Morpace Inc., an ISO 9001:2000 certified
organization, is one of the largest privately held marketing research firms in
the United States. Headquartered inFarmington Hills, Michigan the company has
offices inIrvine, California;New York City; andLondon, England.
Visit www.morpace.com for more information.
SOURCE Morpace Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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