ARG/UBS Consumer Survey Paints Grim Picture
No signs of economic recovery anytime this year. That's the opinion of American consumers interviewed this weekend in the second bi-monthly America's Research Group (ARG)/UBS Consumer Mind Reader Survey. The survey found that five in nine consumers (56.6 percent) plan to spend less this year while only 6.1 percent, plans to spend more.
"American consumers are hunkered down, bracing for a depression," said C. Britt Beemer, CEO and founder of ARG, Charleston, S.C. "The dramatic drops in shopping levels have no match in our database in the last 30 years."
The stimulus package signed into law on Feb. 17 by President Obama is not affecting consumer behavior, according to the survey data. Of those who said they plan to spend less this year, only 10.3 percent said they might spend more now because of the stimulus package. Only 8.9 percent feel the stimulus package will have any real effect in 2009, while 35.9 percent feel it will have more in 2010, and 24.7 percent believe the real impact will come in 2011.