Americans Ready to Shop, but Not for Home
June 1, 2009-- Home Textiles Today,
Shoppers are ready to splurge again, but selectively, according to WSL Strategy Retail.
A recent survey found that 25% of consumers are ready to spend on discretionary goods for the fist time in at least six months.
Food and health and beauty items are among the top categories shoppers want to start spending some coin, according to WSL. Categories in which they plan to continue to restrain purchases include home products, eating out, concerts and movies, fashion accessories and magazines.
The retail consultancy has identified five key strategies consumers are employing to curtail spending: use up what's on hand; use less; shop the lowest price; buy store brands; and trade down.
"We found that 2/5ths of shoppers will pay more for the brand they trust rather than take the risk of a cheaper brand," said Candace Corlett, president of WSL. "This is the first time in nearly four years that we see some good news, albeit just a glimmer — a sign that the next iteration of a new shopping cycle is beginning."