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Discover Mid-America — July 2010
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Recessionary whiplash
I know, I know … the following is my umpteenth column (or mental regurgitation) over the state of the economy. Or, in other words, the repeat question of: Are we making it through the recession, yet?
Now, if I owned a few thousand shares of Berkshire Hathaway stock — down to $115,200 per share as of June 16 — I could write about discussing derivatives with Warren Buffett over an Omaha steak or about drinking Coronas in front of my beachfront home in Aruba. But instead, I pay attention to what others are saying about the economy, like our advertisers, and worry about my pickup truck holding together with its nearly 300,000 miles on it as I drive around talking with folks.
That exercise continues to yield basically the following: “We have good days and not so good days.” For some, the frequency of that cycle is regular; for others, not so much.
In seeking something more than the casual exchange of small business banter, I found a study from Deloitte, conducted between May 1 and May 3 this year, surveying consumer attitudes. It’s titled “Consumers Recharged and Electronically Shopping” and has to do with overall retail spending and trends.
Deloitte found that 55% of consumers think the economy is recovering, 64% indicate their household financial situation is the same or better compared to a year ago and 63% say they plan to spend the same or more than they did in 2009.
Roadblocks to consumer optimism include energy prices (54%), higher taxes (45%), lack of improvement in the job market (41%) and belief that the economy will fall back into recession (27%).
Thinking about those attitudes, no wonder many small business people feel they’re pushed one way or another yet standing still economically.
For those consumers paying close attention to how retailers are responding, 50% believe they’re seeing more sales and conversely, 53% think there is less sales help in stores today.
While storefront sales whip back and forth, online sales continue an upward trend though at a slower pace. A third of consumers say they are purchasing more online that a year ago, 48% indicate they browse retail sites looking at products and over 50% point out that online product reviews influence whether or not they buy a item.
And for those antique malls, shops and dealers that have yet to consider a web site, note this quote from Stacy Janiak, U.S. vice chairman of Deloitte:
“Consumers are tuning into online conversations to make informed buying decisions and … interact with retailers. These platforms offer retailers a measurable and low-cost entry to reach.”
Granted, lumping together the antiques trade with general retailing trends and research can be misleading. No doubt, purchasing an antique or collectible isn’t the same as buying a pair of socks. But I’ve noticed that successful antique malls and shops do tailor their marketing, advertising, sales and online approach to general methods associated with the overall retail trade.
Time and again I’ve heard from mall and shop owners how smalls and furniture are the best sellers. One could interpret that actuality to a recessionary response by consumers, something to capitalize on.
Bruce Rodgers can be contacted at publisher@discoverypub.com.
> Refurnished Thoughts Archive — past columns
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