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25/08/2011 -
Consumer confidence is seen as critical driver of economic activity, as spending accounts for roughly 80 percent of the overall U.S. economy and often follows improving employment trends.However, conditions are not as simple on a state-by-state basis, as new data from research firm Empathica shows a major discrepancy in consumers' confidence in their own personal finances.
The study found Massachusetts boasts the highest proportion of confident residents, with 47.3 percent of survey respondents claiming they are optimistic that their financial situation will improve over the next six months. Meanwhile, Wisconsin and the Bay State's neighbor to the south, Connecticut, showed the least confidence, with 22.3 percent and 24.7 percent, respectively.
"Consumers invest a lot of time and money into grocery and gas purchases," said Brian Jones, Empathica vice president of consumer and packaged goods. "Grocers in particular have an overwhelming opportunity to learn consumer preferences, improve their in-store experience and ultimately become the consumer's preferred brand."
Retailers also need to weigh consumers' varying payment preferences, which are expected to evolve with the advent of new technologies such as mobile payment and near field communications.
