While everyone’s talking about whether or not economies will slide into a recession, or whether it’s happened already, consumers may not treat a slowdown with the sense of urgency many prognosticators expect.
As many as 77 percent of retail executives believe consumers are somewhat to very concerned about a recession, while only 57 percent feel the same way, according to a study from First Insight and WWD, which is owned by Sourcing Journal parent Penske Media Corporation.
The study said many of the 1,400 U.S. consumer respondents share concerns, but aren’t worrying their life away about the current financial situation. While 18 percent of the 65 senior retail executives surveyed believe shoppers are somewhat or slightly concerned about a recession, 36 percent of consumers share this belief.
Forty-three percent of retailers think consumers are buying less product overall amid today’s economic state, yet only 29 percent of consumers say this is the case. Forty percent of retail executives think consumers are using more coupons, compared to only 24 percent of consumers who are using these discounts.
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