“Consumers are looking to spend less in the places they are able to find alternatives or ‘go without’ for now,” says Marshal Cohen, chief industry analyst, The NPD Group, Inc., “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.”
The monthly survey also asks consumers if they plan to change shopping behavior to save money. In October, only 35 percent said they haven’t changed their behavior, a seven point decrease since April.
“Each month one percent of our survey respondents decide to change how they shop, signaling there are lots of opportunities for the more progressive retailer,” Cohen says.
While consumers may intend to change how they shop, for now they are not changing where they shop. Forty-five percent of those surveyed said that current economic conditions will have no impact on where they will shop, compared to 44 percent in April.