“Yes we can,” was Barack Obama’s campaign slogan, and at least some web shoppers are saying “yes we can shop a little more” now that Obama is president.
Half of the 1,600 online shoppers surveyed this month say they are more confident in the nation’s economy now that a new president has taken office, and more than a quarter say they feel more comfortable increasing everyday spending. Javelin Strategy and Research conducted the survey for online payment service eBillme.
However, there also are notes of caution in the survey results. 55% say they will delay major purchases because of economic uncertainty, up from 48% in the previous two quarters. Consumers plan to spend an average of $75 online during the first three months of 2009, compared to $175 when the survey was conducted early in the fourth quarter of 2008 as the holiday season was beginning.
“It is not surprising that spending for Q1 is projected to reach a lower average than Q4,” says Bruce Cundiff, director of payments research and consulting at Javelin. “Q1 is historically a low quarter in sales for retailers coming out of the holiday shopping season. Consumers are typically focused on paying bills and lowering any debt they acquired throughout Q4. This year, the strain of the economy and the credit crunch are impacting spending even further.”
The survey also found that 11% of respondents plan to spend more on Valentine’s Day this year than last, and 18% plan to shop for the holiday online. Javelin and eBillme began conducting the survey in the third quarter of last year, so there is no comparable data on Valentine’s Day from last year.
EBillme is an online payments service that enables consumers to make purchases online by paying through their bank bill-pay systems.
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