Deloitte survey finds consumers recharged

Consumers are becoming confident about the economic recovery and their finances are on the mend, according to a new survey of consumer retail spending and trends from Deloitte.

More than half (55 percent) of consumers think the economy has started to recover from the recession, and nearly two-thirds (64 percent) indicate their household financial situation is the same or better compared with a year ago. In addition, nearly two-thirds (63 percent) of survey respondents said they are planning to spend the same or more at retailers this year than they did in 2009.

Despite this show of confidence, consumers are mindful of events that could impact their financial situation. More than half of consumers (54 percent) say rising energy prices could cause them to hold back their spending in coming months; more than four out of 10 say higher taxes (45 percent) and lack of improvement in the job market (41 percent) could do the same. Roughly one out of four (27 percent) believe that the economy is recovering but may fall back into recession.

“Consumers appear to be picking up on the signals that point to brighter days ahead,” said Stacy Janiak, vice chairman and Deloitte’s retail leader in the United States. “The majority of those surveyed indicate their net worth is stabilizing, if not improving. While consumers remain vigilant in this recovery, retailers should be encouraged by consumers’ tone as they plan for the critical fall and winter selling seasons.”