Shop Talk

Check out darkening consumer sentiment in the month of May.

According to the latest results of NPD’s Fast Checks Study: Consumers Speak Out On the U.S. Economy, in May, 58 percent of consumers said we are in a recession, up from 55 percent in April.

Respondents to the survey said they are planning to spend less on items like apparel and footwear. With vacation season getting underway, 49 percent of consumers said they plan to cut back on leisure travel. 

A greater percentage of consumers also said they are spending less because they need to put money toward essentials, such as gas and utilities.

“Consumers are finally starting to react to the price of gas and other rising costs and are shifting shopping intentions.” according to NPD’s Marshal Cohen.

“Overall, in the past month, a 5 percentage point increase was seen in survey respondents who tell us they are going to do something different by taking advantage of promotions/events such as store sales, coupons, and discount or membership programs.”

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(Photo: Reuters)