Tags: Consumers | Struggling | Basic | Necessities

Survey: Most Consumers Struggling For Basic Necessities

Wednesday, 21 Mar 2012 07:10 AM

This year's "How America Shops" survey from WSL/Strategic Retail shows that most U.S. consumers feel they are struggling to afford the basic necessities — and it now takes an income of more than $150,000 to be able to afford the basics, some extras and to save, too.

"Every retailer wants to think 'Everything I sell is worth it! Shoppers will love it,' but the hard reality is 52 percent of Americans feel they barely have enough to afford the basics," WSL president Candace Corlett told USA Today.

WSL/Strategic Retail surveyed 1,950 consumers last December regarding their shopping habits, and while Corlett says consumers have moved past the fear that was seen in the firm's 2010 survey, Corlett said they are returning to stores with stricter limits on spending.

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The survey shows that three groups are experiencing higher rates of financial struggle: those with incomes between $100,000 and $150,000, those aged 18 to 34 years old, and women.

In other words, it now takes an income of more than $150,000 to be able to afford the basics, some extras and save a bit as well.

According to the survey, the 18-to 34-year-old market is now the demographic struggling the most when it comes to buying power.

About 75 percent of women—up 12 percent from 2008—say it's important to get the lowest price on everything they buy. Sixty-eight percent say they now use coupons regularly, 45 percent say they only buy items on sale and 67 percent say that trusted brands are not worth paying for.

"It's an income issue, but it's also a value issue," says Corlett. "We have lost that mindset of we have to buy, buy, buy, . . . we've built in a lot of push back.”

“Retail sales will be up, but people aren't buying everything they want, they are buying what they need."

According to MarketWatch, rising gas prices didn't choke off US consumers' demand for cars, clothing and other goods in February; retail sales rose 1.1 percent to $407.8 billion.

Editor's Note:The IRS’ Worst Nightmare — How to Pay Zero Taxes


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2012-10-21
Wednesday, 21 Mar 2012 07:10 AM
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