Big data and analytics firm IRI said Wednesday (Oct. 26) that its third quarter IRI Consumer Connect findings showed that as many as two-thirds of U.S. consumers (sampled across 2,200 respondents) think their financial health will weaken next year — a belief that holds true regardless of who wins the Oval Office next month.
The research found that that level of feeling financially strained in the third quarter was the same as felt in the second quarter. As for the upcoming holiday shopping season, 47 percent of consumers surveyed said that they feel some level of financial constraint, and of that number, 54 percent said they would scale back some holiday spending.
Places where spending might see some cutbacks: 41 percent said they would spend less on food and beverages; 34 percent will keep their budgets the same. As for shopping, slightly more people — at 73 percent — are making lists (ostensibly to control purchasing) compared to 69 percent previously. Bulk purchasing is still a lure, with 25 percent of respondents choosing this type of buying. Perhaps not surprisingly, only 2 percent of those with self-described strained finances will splurge on upscale items.
In a statement, Susan Viamari, vice president of thought leadership for IRI, said in a statement: “The uncertainty associated with the presidential election, particularly this unconventional election, is coinciding with the holiday shopping season, adding to concerns about keeping the financial ship afloat during and after the transition in the Oval Office. As a result, consumers are really taking a cautious approach to the holidays this year.”