New research released by STORES Magazine reports that consumers are slowly starting to enjoy some of the services or items they may have previously sacrificed during the economic downturn.
The survey, conducted by BIGresearch, examines what is “untouchable” and what is “expendable” in consumers’ lives.
Unpredictable economic conditions in 2009 forced many consumers to reevaluate whether their manicures, new handbags or their cable TV service were worth the expense. With signs of an improving economy throughout 2010, however, many began to return to their previous spending habits.
Among the key findings are indications that a few things, including casual sit-down dining, department store shopping and haircuts have made their way back on the “untouchable” list after falling victim to the “expendable” list the previous year.
“For a large part of the country, small luxuries such as gourmet coffee, casual dining and even high-end cosmetics were among the things many consumers really had to learn to live without,” said STORES editor Susan Reda. “Though most Americans are still quite focused on maintaining a budget, many are once again falling in love with the things they had to temporarily say good-bye to.”
Additionally, department and discount store shopping for apparel have also become increasingly important for consumers. In 2010, one-quarter (25.2 percent) of respondents said department store shopping was untouchable, up from the 21.4 percent who said so in 2009.
When it comes to surfing the Web and consumer electronics, millions of Americans simply cannot get enough. The survey found eight in 10 (81.5 percent) in 2010 said their Internet service was untouchable — consistent with what the survey found in both 2009 and 2008. As far as upgraded mobile devices are concerned, nearly twice as many people in 2010 than in 2008 (22.9 percent vs. 12.3 percent) said their cell phones, smartphones, tablets and e-readers were untouchable.
