ComScore: All consumers are cutting back

The US economy has even more people worried according to a new report from comScore. The study indicates that all consumer segments are cutting back on new purchases because of inflation and the housing crisis.

by Kristina Knight

The study found that nearly three-quarters of consumers making $100,000 per year or more are now cutting back on spending. That is a change of 6% since April of this year. About 81% of consumers making between $50,000 and $99,999 per year are cutting back and 86% of consumers making under $50,000 per year are cutting back on expenses.

"…this economic downturn has eroded consumer confidence among all consumer income groups," said Gian Fulgoni, comScore chairman. "Even those consumers with the highest income are increasingly feeling the negative impact of economic factors and are changing their buying behavior accordingly."

What can a marketer do to compete now that consumers aren't buying as much?

First, let consumers know what set your site apart. Whether that is increased customer service, free shipping or percentage/dollar off offers, make sure consumers know from the ad what it is that you are offering. Second, consider adding features like "in-store now" so that local consumers know what is available before driving across town to visit your brick-and-mortar store. Getting a consumer in the door, so to speak, is half the battle. If the consumer knows a product is available in-store and that they can pick it up "today" rather than waiting for delivery, they are likely to reserve that product.

Research has found that consumers shopping online but picking up in-store are likely to add more products to their carts before check-out. Because of this, adding in-store options to your website are more important than ever.