A new survey of American consumers shows something very unusual — they’ve lost their interest in shopping. Is this lack of interest driving them to discount stores like Walmart? Seems so.
“This is the first time in 30 years of consumer surveys that we’ve seen this low interest in shopping,” said Britt Beemer, CEO of America’s Research Group.
The principal reason for low discretionary spending is that 48.5% of consumers feel pressure from credit card bills, the survey said.
The change in consumer behavior also has a philosophical basis, said Beemer.
As interest wanes, more and more shoppers are heading to discount stores like Walmart, says CNN. They big blue monster reported much higher than expected sales in April, with same-store sales (considered the most important indicator of the health of a retail operation) up 5%.
Walmart also said that store traffic has increased for seven straight months.
Have you “downgraded” to Walmart?