During the second quarter of 2008, three surveys were conducted and 7,170 respondents
were surveyed to examine the behaviors and attitudes on consumer spending trends and the
current state of the economy. The Tax Rebate Survey yielding 1,260 respondents surveyed
consumers from March 25 to April 19, the Consumer Spending Survey yielding 3,359
respondents surveyed consumers from April 29 to May 23, and the Economic Stimulus
Survey yielding 2,483 respondents surveyed consumers from June 13 to 30.
65 percent of respondents who received a tax refund indicated they planned to spend it or
pay back money borrowed, while 35 percent planned to save the money. In early April, 1,260
online shoppers were surveyed to find out how they plan to use their tax refund in 2008, and
whether a looming recession impacts their decision to spend or save the money.
56 percent of respondents indicated that they have made a concerted effort to cut back
because of the weak economy and growing inflation. In late April to late May, 3,359 online
shoppers were surveyed to find out if and how they are cutting back on their spending and if
the economy influences their daily shopping habits.
Despite the government’s efforts to increase spending, 89 percent of respondents indicated
that they are still cutting back. In June, 2,483 online shoppers were surveyed to find out
what they planned to do with their economic stimulus check and if they are still
cutting back on spending.
Consumers’ concerns about the economy have continued to affect spending over the past
three months. In April, 33 percent of consumers said that the economy had an effect on
whether they spent or saved their tax refund. In May, 56 percent were cutting back due to the
economy, and in June, 89 percent indicated they are still cutting back.
The Consumer Spending Survey in May showed that 42 percent of online shoppers indicated
cutting back the amount they spend on retail shopping d