In annual GfK Roper Reports® Worldwide study, US ranks 20th out of 25 countries for overall consumer confidence, finances
New York, NY (September 13, 2012) – With difficult economic news dominating headlines in the US, Europe and even China, it’s not surprising to learn that US consumers tightened their belts in the past year. But new GfK research also shows that people in the US are moving forward with life – planning to spend on at least some big-ticket items, even as they clip coupons and cut back in other areas.
New data from The Mood of the World, an annual GfK study of 25 markets worldwide, shows that 6 in 10 (61%) US consumers experienced an economic setback in the past year, compared to the worldwide average of 51%. The research asked about 8 types of positive or negative economic events, from job or housing distress to a financial windfall.
Overall, the US ranked 20th out of 25 in GfK’s Consumer Recession Index (CRI) – with essentially no change in status over the past year. Each market’s CRI is a globally comparable numerical value representing the economic pressures consumers feel and the actions they are taking in response. Italy now holds the dubious 25th spot on the CRI, replacing Spain, while Indonesia and India ranked 1 and 2, respectively.
In a sign of optimism about the future, however, 71% in the US reported they are planning to make a big-ticket purchase in the next two years – higher than the worldwide average of 65%. US consumers were above the global average in planned spending on consumer electronics, "special vacations,” and cars or other vehicles.
"Although caution is still pervasive in the US – and other key regions – we do see signs of people being ready to move on,” said Kathy Sheehan, Executive Vice President and General Manager of Consumer Trends at GfK. "Cutting corners is now a given of everyday life, but we also see that there is a desire to move forward with essential purchases and hang on to cherished luxuries, such as technology and connectivity.”
The just-released report, based on over 37,000 interviews globally, shows that
· "dining out at restaurants” (59%) and "going out for entertainment” (49%) were the expenses most commonly cut by US consumers
Based on GfK’s annual Roper Reports® Worldwide survey, The Mood of the World delivers market-by-market insights that provide a current and historical view of how the new economy is different in terms of:
GfK conducted the Mood of the World survey online and face to face among more than 37,000 consumers worldwide in January to March 2012. The 25 markets covered were Argentina, Australia, Brazil, Canada, China, Czech Republic, Egypt, France, Germany, India, Indonesia, Italy, Japan, Mexico, Poland, Russia, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, UK, and the USA.
To learn more about The Mood of the World or other Roper studies, contact Hallie Gittleman at firstname.lastname@example.org or (212) 240-5324.