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NPD Reports Consumer Spending is Down But Not Out
Posted: August 20, 2008
The NPD Group, a leading market research company, reports that 34% of consumers states they would not change their purchase behavior due to the economy, which is down eight percentage points from April.
Also, 41% of consumers told NPD in July that economic conditions would not affect where they would shop, which is down three percentage points from April."This would suggest that we are starting to see signs that consumers are store and channel shifting," says Marshal Cohen, chief industry analyst, NPD. "And it represents a huge opportunity for many retailers. Now is the time of year to make those all important introductions to new customers and make overtures to an established customer base. We will see which retailers know how to make new friends and hold on to their old ones."