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U.S. Wallets May Be Opening, but Only a Crack
Consumers are spending again, according to a new report from WPP's The Store. But they're buying less. "Wallets are open, but only a crack," said David Roth, CEO The Store-WPP Europe, Middle East, Africa and Asia. "Consumers are purchasing primarily to fill basic needs. They're tentative about the state of the economy and are ready to snap their wallets shut at the least provocation from negative economic news or a tone-deaf sales pitch."
This change in purchasing behaviour is long-term and will have transforming impact on retailers, suppliers, media and brands.These market dynamics are explored in Playbook 2: The Sky Did Not Fall, a new report about retailing in the recession. Published today by The Store-WPP, WPP's global retail practice.
Read the full report here.
