According to the BIGResearch Consumer Intentions Survey this month, confidence is on a roll...after rebounding slightly last month, those declaring that they are confident/very confident in chances for a strong economy up another 4 points in June. Confidence now stands at 46.3%, an improvement over June '04 and '03.
Citizens worried about political and national security issues are still on the decline, now at 15.9%, compared to 22.9% last year. And, more than half or the consumers responding are becoming less practical in their purchases by favoring wants over needs.
4.2% of consumers are predicting "more" layoffs over the next 6 months, down a full percentage point from 2004, though slightly more consumers plan to pay down debt and increase their savings compared to May.
Even with our less practical consumers, 67.3% of men say price is still #1 when it comes to the reasons to shop a particular store most often. Then selection (56.8%), quality (43.6%), and location (43.0%). The top reason to switch stores (as cited by those who've been shopping a particular store for Men's Clothing for one year or less) was high prices (22.6%) followed closely by inconvenient location (22.1%).
Nationally, Wal-Mart continues to stomp the Grocery competition with 15.1% shopping there most often. However, looking at how the grocers fare by region, Wal-Mart is not the king of every county:
1. Shoprite (9.8%)
2. Stop 'n Shop (9.4%)
3. Shaws (6.7%)
4. Wal-Mart (5.9%)
Cub Food (4.1%)
5. Giant (5.4%)
Food Lion (3.8%)
Source: BIGResearch June 2005
With almost half of consumers planning vacation travel in the next 6 months, driving is preferred. Although gas prices are still averaging over $2 a gallon, cars are still #1 (69.8%)...46.1% are considering flight, while almost one in ten (9.3%) are thinking about setting sail on a cruise ship.
Perhaps hoarding their cash for summer getaways, 6 month purchase intentions fall slightly for several categories in June: furniture, digital cameras, stereo equipment and autos down almost 2 points. Home appliances up slightly, while computers, house, jewelry/watch, RV/boat, TV, and DVD/VCR flat compared to May. Home furnishings, improvement, and décor are up over the next 90 days compared to last month.
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