NRF Study Says Consumer Confidence Still Low

Economic concerns are still weighing heavily on 90 percent of U.S. consumers, according to a recent survey by BIGresearch for the National Retail Federation (NRF, Washington, D.C.).

“Consumer sentiment can’t get much worse than it is now,” says Matthew Shay, president and ceo of the NRF. “Nine out of 10 consumers are saying the economy is impacting their [buying] decisions. Consumers have even less to spend than they did a year ago. Saving and frugal spending are key.”

Marking the lowest reading in more than two years, 26.5 percent of polled participants say they are confident or very confident about the economy.

The NRF projects a 4 percent increase for retail sales in 2011. “That’s still way below where we need to be and way below a number that would represent a growing and expanding economy that’s starting to chip away at unemployment and the uncertainty that exists,” Shay says.