The NPD Group, a market research firm based in Port Washington, N.Y., is predicting that retailers will see positive results during the upcoming back-to-school season. Consumers are loosening their purse strings, the firm reported, and are planning to spend more and shop more stores this fall. In the firm’s latest survey, only 38 percent of […]
The NPD Group, a market research firm based in Port Washington, N.Y., is predicting that retailers will see positive results during the upcoming back-to-school season. Consumers are loosening their purse strings, the firm reported, and are planning to spend more and shop more stores this fall.
In the firm’s latest survey, only 38 percent of respondents said they plan to spend less money this year versus last, whereas last year 44 percent planned to stick to a stricter budget. Meanwhile, 55 percent said they plan to shop in more stores this year compared to last year’s 53 percent.
However, consumers aren’t in any hurry to start shopping for the school year. “More and more consumers keep telling us that they are putting off their shopping later and later each year,” said Marshal Cohen, The NPD Group’s chief industry analyst, who noted that the “buy now, wear now” consumer habit is a lingering impact of the recession.
Apparel and footwear should see the biggest lifts this season, if survey results hold true. “This year it is all about freedom on a budget,” Cohen said. “The kids are more likely to have the freedom to say which stores they will shop in, but their parents will still keep them on a budget.” Value continues to be a key factor in purchases. For more details, visit www.npd.com.
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