22 Jul. 2019 | Comments (0)
Too many retailers are shutting down: 2019 just hit its halfway point, but already the number of planned retail store closings has exceeded the total for all of 2018.
How can retailers prosper rather than shutter? It starts with knowing the pulse of their lifeblood: the ever-changing consumer.
Over the past year, The Conference Board Consumer Confidence Index for the United States, based on a postal survey of more than 2,500 U.S. consumers, has recorded record high levels of confidence among Americans. But, it has also shown volatility. Confidence slipped in June, for example, possibly because of the unsettled and escalating trade dispute with China.
We also have findings from a quarterly global survey, The Conference Board Global Consumer Confidence Survey, which covers 32,000 households worldwide in 64 countries and is conducted in collaboration with Nielsen. It’s a unique survey in that it doesn’t just gauge consumer confidence around the world at the same point in time every quarter, but also asks consumers about their spending and saving patterns and biggest concerns. This information helps to paint a richer picture of consumers’ preferences, their mindset, and how they spend—and don’t spend—their money.
Based on the insights we have on U.S. consumers from this global survey, we can add additional color around the still high, yet unstable confidence levels of American consumers. Here are some takeaways for retailers.
This op-ed was originally published by Retail Leader. Continue reading here.