| July 16th, 2009 by Lauren McKay |
Search engine marketing company Performics recently released results of its “2009 Online Buyer Economic Trend Study.” The report tracks online buying behavior of consumers over three months (April, May, June). Results from June are interesting — consumers not only appear to be spending more, but seem to have altered their mindsets in terms of the economy’s impact on their lifestyles. The changes might be slight, but they are consistent.
Here are some of the stats:
- Only 42 percent of respondents say their household economic situation is worse than it was at this time last year, whereas 53 percent and 51 percent said it was worse in April and May. Forty-one percent say it is the same while 16 percent say it is better – that’s up from 9 percent in May.
- Once again, the majority of respondents (51%) say they have postponed at least one major purchase in the past three months because of the economy.
- On average, seven out of ten respondents somewhat/strongly agree that they search online more often to find better deals.
- Cutting back spending on non-essentials and falling income are the primary reasons why respondents expect to spend less this year for three months of fielding. However, lack of confidence in the economy as a reason for spending less drops from 17 percent in April to only 9 percent in June.
- In general, consumers are cutting back most on dining out and apparel, shoes & accessories. Consumers are most likely to eliminate spending on concerts, theatre and sporting events.
- Twenty-five percent somewhat/strongly agree that they are thinking about making a career change or are actively looking for a new job. Meanwhile, 33 percent are hesitant to seek out new job opportunities. And 42 percent somewhat/strongly agree that they are happy with their current job situation.
- As in April and May, two-thirds of respondents say the recession has fundamentally changed the way they think about saving and spending money. Respondents say the recession will have a lasting impact on saving and spending habits, with 8 in 10 saying somewhat/strongly agree in each of the three months of fielding.
This week, ABC News reports that consumer confidence rose by one point to negative 51.
However, back-to-school spending this fall is expected to fall by nearly 8 percent.
There are several bright spots in various retail segments. According to IDC, the PC market is fairing better than expected with global PC shipments again coming in slightly ahead of expectations. A late-June Washington Post article suggests that consumer spending could be up slightly as more Americans get their savings cemented.
