Nearly two-thirds of American consumers suffered an economic setback in the past year, according to a new survey. The poll also revealed that the United States was 20th out of 25 countries for overall consumer confidence.
GfK conducted the survey, which included responses from more than 37,000 consumers in 25 countries.
Overall, 61 percent of the U.S. respondents said they suffered a setback, compared with the global average of 51 percent.
Editor's Note: Economist Warns: 50% Unemployment, 100% Inflation Possible
Italy ranked as the worst of the countries studied for consumer confidence, while Indonesia was at the top and India second. The United States’ ranking of 20th was essentially unchanged relative to last year’s report.
Nearly all (96 percent) of the U.S. consumers reported using at least one money-saving strategy in the past year, and most said they had cut back spending in five or more areas. Coupon clipping was the most-cited savings strategy in the United States, while dining out at restaurants (59 percent) and going out for entertainment (49 percent) were the expenses most commonly curtailed by U.S. consumers.
In addition, recession/unemployment were the top personal concerns in the United States, cited by 53 percent of those surveyed.
In a sign that Americans are still consuming regardless of current circumstances, 71 percent said they planned to make a big-ticket purchase in the next two years, and they remained above the global average in spending on consumer electronics, “special vacations” and cars or other vehicles.
Still, GfK cited a measure of optimism among Americans. “Although caution is still pervasive in the U.S. — and other key regions — we do see signs of people being ready to move on,” said Kathy Sheehan, executive vice president of the market research firm.
“Cutting corners is now a given of everyday life, but we also see there is a desire to move forward with essential purchases and hang on to cherished luxuries, such as technology and connectivity,” she said.
The Conference Board’s index of consumer attitudes fell to 60.6 in August, it’s lowest in nine months, from 65.4 in July, according to Reuters.
"Consumers were more apprehensive about business and employment prospects, but more optimistic about their financial prospects despite rising inflation expectations," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement, Reuters reported.
Editor's Note: Economist Warns: 50% Unemployment, 100% Inflation Possible
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