BIGresearch reports that (consumer confidence continues to climb in February, with 53.2%of consumers confident/very confident in chances for a strong economy, up from 50.5% last month and the highest reading since April 2002 (56.9%). However, insecurity regarding political and national issues increases a point from January to 18.3%.
At the same time, 38.7% of consumers say that they've become more practical in the last six months, down almost a point from 39.6% last month and more than three points from '06. But those motivated by end-of-winter sales, are focusing on needs over wants less than last month.
While 31%of consumers agree with the "live for today, because tomorrow is so uncertain," philosophy, 40.4% plan to pay down debt, two points higher than last month, and almost one third are increasing savings.
With year-over-year average national gas prices on the decline, one in three consumers say fuel prices have made "no major impact" on spending, but 37.3% are taking fewer shopping trips, 35.6% shop closer to home, and 31.1% are bargain hunting by shopping for sales more often.
And, if seeking key benefits for advertising to fast food consumers, location is tops for McDonald's and Burger King, menu selection for Wendy's customers, price for Taco Bell loyalists, and healthy menu options for Subway fans.
Top Reasons For Frequenting First Choice Fast Food Restaurant(% of respondents)
Source: BIGresearch, February 2007
Read the complete Consumer Insight Report here.