The latest BIGresearch study of over 7,500 of what they refer to as “Main Street USA” consumers, revealed some interesting facts and figures on the State of the US Consumer looking out over the remainder of 2007.
Among the findings in the report titled the BIGresearch Consumer Intentions & Actions Survey (CIA) were:
– Women are least confident in the economy over the next 6 months followed by consumers with incomes below $50,000. Men are most confident.
– Shopping trips are being impacted by higher gas prices as 41.9% of consumers say they are taking fewer trips and 40.1% are shopping closer to home.
– Overall 72.9% of the people think gas prices will be higher by July 4th. 77.8% of consumers who have a student loan think gas prices will increase over this time frame and the average price will be $3.39 a gallon.
– 39.9% of the respondents believe the stock market accurately reflects the strength of the economy and 60.9% said it doesn’t.
– 32.3% of all women respondents plan on decreasing spending over the next 3 months and 32.9% of consumers with incomes over $50,000 said same.
– Future purchase intentions for durables such as computers, furniture, appliances, home improvements, TVs, digital cameras, and housing all are up from the previous month (May) indicating consumers may have some pent up spending to do in the 3rd and 4th quarter of the year.