The US economy continues to struggle, but many people have noticed some positive signs in recent months. Consumer confidence continues to be a major issue though, as people’s perception of the economy might impact their buying decisions. How do consumers feel about the current economic conditions? And how might consumer confidence impact behavior?
In Ask Your Target Market’s latest survey, just 4% of respondents said they would describe the current economic and business conditions in the US as very good. 31% consider the current economic state to be good. 48% consider the current economic state to be bad. And 17% said they consider it to be very bad.
So are things improving at all? Just 5% of respondents said they think economic and business conditions have improved quite a bit over the past year. 39% think economic conditions have somewhat improved over the past year. 33% think economic conditions haven’t really changed over the past year. And 24% think they have gotten worse. Opinions have actually improved a bit even over the past few months. In an October 2013 survey, just 3% of respondents considered economic conditions to be very good and 21% considered them to be good.
Looking forward, just 8% said they feel very optimistic about economic and business conditions over the coming year. 28% said they feel somewhat optimistic. 30% said they are neutral or have no opinion. 21% said they feel somewhat pessimistic about economic conditions over the coming year. And 14% feel very pessimistic about economic conditions over the coming year.
The outlook for the future has improved a bit as well. In the October 2013 survey, just 5% felt very optimistic. 19% felt somewhat optimistic. 28% felt somewhat pessimistic. And 17% felt very pessimistic.
So just how much can these opinions impact actual buying behavior? 37% of respondents said that their economic outlook very much impacts their buying decisions. 46% said their economic outlook somewhat impacts their buying decisions. And just 17% said their economic outlook has no impact on their buying decisions.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on April 27 via AYTM’s online survey panel.