A few moments ago, Research Brief provided a story about consumer intentions in the foreseeable future, which include paying down more debt, spending more, and saving less. The story was based on research provided by American Express.
To see the Research Brief article, click here.
To see the release about the American Express Saving and Spending Tracker, click here.
Implications: Yesterday, my wife and I went to that great bastion of commerce known as The Mall of America in Bloomington, Minnesota. It’s been cold here, and we wanted to get out of the house… plus, I’m in the market for a new piece of luggage.
The place was packed. And it wasn’t just people wandering around window-shopping. A lot of people were using their long holiday weekend to hunt for bargains. I ended-up buying a new carry-on at a small, independent luggage store… who offered it for much less than the major department store (an anchor at the mall). The gentleman mentioned turned to his co-worker and winked, saying, “Wow, we’re having another really good day!” He was obviously pleased to have the sale.
Anytime I’m walking through a mall or shopping area, I try to note whether people are just walking around, or walking around with bags. If our trip to the mall yesterday is any indication, it seems to me that a lot of people are catching-up on items they may have deferred for a while.
Thankfully, that hunch seems to be supported by more scientific research from American Express!