As the economic crisis lingers, many credit cardholders continue to watch their spending habits and personal finances, although some are showing greater optimism, New York-based management consulting firm Auriemma Consulting Group states in its most recent Cardbeat market research report.
In its report, which is based on an online survey of 411 cardholders conducted in January, Auriemma found that 39% of respondents expect their own financial situations to be better a year from now, up eight percentage points from a year earlier. Though the increase is slight, “the findings are still important. It shows that while most consumers still are pessimistic, there is a growing optimism among some consumers,” Scott Strumello, Auriemma associate, tells PaymentsSource.
Moreover, consumers’ comfort levels about their financial situations have improved, Cardbeat reports. Last year, only 10% of respondents felt more comfortable financially, while this year 16% said so. The January 2009 report included data from a survey of 401 credit cardholders.
Many consumers still are spending with caution, Nancy Stahl, Cardbeat editor, tells PaymentsSource. Overall, 58% of respondents reported spending less with their credit cards, up from 56% who said so in January 2009, the reports notes. Moreover, 24% of cardholders indicated they have more savings today then last year, up from 20% who said so in January 2009, the report shows.
Consumers now frequently compare prices and clip coupons, and they buy only what they need instead of luxury items. They also are making fewer large purchases, Stahl notes in a new release about Cardbeat’s findings.
Despite most consumers believing no improvement will come to the economy for at least another year, “Americans are generally more optimistic about their own financial prospects than about the economy overall,” Stahl says.
