More Than 70% of Consumers Think the Economy Is in "Bad" or "Terrible" Shape and Nearly 1 in 4 Feel It Will Be Difficult to Purchase Things They Need Over the Next Several Months
Only 3% think the economy is in "good shape," as reported by a survey conducted by RetailMeNot and Ipsos Public Affairs
RetailMeNot.com (www.retailmenot.com), the largest online coupon site in the United States, released the results of a survey reviewing shopping attitudes and behaviors as we approach the holidays and overall consumer sentiment as it relates to the economy. The results revealed that more than 7 in 10 consumers (71%) have a dismal view of the economy, and 1 in 4 are worried about being able to make all the necessary purchases in the coming months. Only 3% of consumer respondents felt that the economy is in "good shape."
"Our most recent survey looked at how consumers plan to shop for the remainder of the year. We believe a lackluster economy combined with high demand for discounts while shopping will lead to more frequent and higher first-time use of coupons over time. As RetailMeNot works to make finding coupons even easier for consumers, we believe that compelling merchant deals or offers that drive sales will take center stage this holiday season," said Kristen Remeza, editor-in-chief of RetailMeNot Insider. "As shopping for the holidays-in-store and online-begins to gain steam, there are two other findings of note we wanted to share with our retail partners: First, nearly a third of consumers (31%) intend to do their holiday shopping online in 2012. Second, 39% of consumers start their holiday shopping before November."
The results of the survey found these shopping behaviors for the upcoming "holiday" shopping period:
39% of respondents start their holiday shopping before November. Women (46%) are more likely than men (31%) to start their shopping earlier than November.
23% of respondents start shopping in early November, 12% wait to start shopping until Black Friday/Cyber Monday and only 15% wait until after Cyber Monday to begin shopping.
54% of respondents finish their holiday shopping sometime between Black Friday and when they actually give away the gift during the holidays. Nearly 1 in 3 respondents (32%) say they are done with their holiday shopping by the end of Cyber Monday. Women (58%) are more likely than men (50%) to say they tend to finish their holiday shopping after Cyber Monday.
Nearly a third of respondents (31%) intend to do their holiday shopping online in 2012 vs. a majority who intend to shop in-store (59%).
More than 70% of consumers (71%) think the economy is in "bad" or "terrible" shape. A quarter (25%) believe that the economy is in "okay" shape, and fewer than 1 in 20 think that it is in "good" (3%) or "fantastic" (1%) shape. Those 55 years old and over have a particularly negative view of the economy, with nearly 8 in 10 respondents (78%) saying that it is in "bad" or "terrible" shape - including 37% who think it is in terrible shape - compared to 61% of those under 35.
Nearly 1 in 4 (24%) feel it will be difficult to purchase things they need over the next several months. 4 in 10 respondents (40%) say that they should be able to get most of what they need in the coming months, but not be able to afford it all. Only about a third of respondents (36%) are not worried about being able to buy all the things they need in the coming months.
These are some of the findings of an Ipsos poll conducted August 16-20, 2012. For the survey, a national sample of 1,005 adults aged 18 and older from Ipsos' U.S. online panel were interviewed online. Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the U.S. adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of 1,005 and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
RetailMeNot.com (www.retailmenot.com) is the leading consumer destination for collaborative online coupon, deal and promotional code hunting and sharing. Our mission is to help consumers save money and enjoy a hassle-free discount shopping experience. Since November 2006, our users have shared hundreds of thousands of deals and offers from retailers from across the globe. Online coupons are rated and ranked by users, ensuring that quality deals rise to the top and expired coupons drop down the list. RetailMeNot.com is operated by WhaleShark Media, Inc., the world's leading marketplace for online coupons and deals.
Shopping on the go? Download the RetailMeNot Coupons App for iPhone to access Hot Deals, browse top coupons, popular stores and categories and get thousands of online and in-store coupons to shop when you want, where you want. Make sure to "like" RetailMeNot.com on Facebook, follow the company via Twitter @retailmenot and add us on Google+.
About WhaleShark Media, Inc.
WhaleShark Media, Inc. (www.whalesharkmedia.com) is the world's leading marketplace for online coupons and deals. The company's websites enable consumers seeking to save money to find hundreds of thousands of offers from retailers across the globe. WhaleShark Media experiences more than 400 million consumer visits to its sites every year. The WhaleShark Media portfolio of coupon and deal websites includes www.RetailMeNot.com, the largest online coupon site in the United States; www.VoucherCodes.co.uk, the largest online coupon site in the United Kingdom; www.Deals.com in Germany; web.Bons-de-Reduction.com and www.Poulpeo.com in France; www.Deals2Buy.com; www.CouponSeven.com; and www.CouponShare.com. WhaleShark Media is a fast-growing, profitable company funded by venture capital firms Austin Ventures, Norwest Venture Partners, Adams Street Partners, Google Ventures, J.P. Morgan Asset Management and Institutional Venture Partners (IVP).
Be sure to "like" WhaleShark Media on Facebook and follow the company via Twitter @whalesharkmedia.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service