NPD: Consumers to Trim Trips to Restaurants and Malls
With retail sales down across the board, more of the same might be in store. In a recent survey by The NPD Group, a New York company that provides consumer and retail information, shoppers said they are more likely to forgo buying a new sweater this winter but would open up their wallets for a movie or beauty products.
The survey shows that consumers are cutting back on eating out, with 57 percent saying they plan to spend less in that area. Apparel shopping is the next category getting trimmed, with 54 percent noting their shopping habits will see a downturn. About 50 percent of those surveyed said they would modify their entertainment spending.
The less likely areas to be affected were video games, with only 35 percent saying they would cut back on purchases; toys, with 39 percent changing their purchasing habits; and movies, with 43 percent trimming their expenditures.
“Consumers are looking to spend less in the places they are able to find alternatives or ’go without’ for now,” Marshal Cohen, NPD’s chief industry analyst, said in a statement. “Things like eating out less or at less expensive restaurants or going another season with the coat or sweater you bought last year are examples of where consumer behavior is changing.”
On one positive note, consumers said they may change how they shop, but 45 percent said they are not changing where they shop. —Deborah Belgum
