PORT WASHINGTON, N.Y. — While consumers' are expressing general concern about the economy and their purchase intentions are down, concerns about job security and income have leveled off, signaling stabilization, according to a survey this week by The NPD Group here.
The tracking survey that reflects consumers' shopping intentions dropped five points between October 2008 and February 2009, but the percentage of consumers "very concerned" about job security and income fell four points from a high of 38% in December to 34% in February. Those "not concerned" rose one point from 25% to 26% in the same time period.
“Of all the data I look at, this measure provides one of the best indications of how consumers are going to behave," Marshal Cohen, chief industry analyst at The NPD Group, said in a statement that accompanied the report. "February’s results show consumers feeling better on this front and could signal consumer stabilization, a point at which consumers catch their breath, reassess and prioritize their purchase needs in preparation to begin spending again. Stabilization is a precursor to growth.”
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