NEWS - Economic Development

12/07/2009 - In 2009, consumers are less pessimistic than they were a year ago.  Eighteen percent (18 percent) of survey respondents see the economy as better than last year; this is up from a six-year low last year of only 3 percent.  These increases in positive feelings are a clear sign that we are starting the recovery process. However, we are not back to the 2004-2007 levels. This year 56 percent of respondents stated that the economy is worst than last year.  This is down from an all-time high in negative feelings about the economy of 84 percent last year.  Again, this is a positive sign about the recovery process.

Next, consumers were asked how they were doing financially when compared to last year.  This year 33 percent of respondents answered that they felt worse off, 51 percent were about the same and 15 percent answered that they were doing better.  Again, we are seeing improvement from last year’s sentiments.  In 2008, 43 percent of respondents answered that they were worse off, 44 percent felt about the same and 12 percent answered that they were better off than the previous year.

Although there is a definite increase in positive feeling from 2008 to 2009, participants are still not back at the same level as they were in 2006 when 17 percent of respondents answered that they were worse off, 50 percent felt about the same and 32 percent answered that they were better off.  Now the question is; what impact will this improving economic environment have on holiday shopping?