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While people shop less, debt consolidation may help to make up for past spending
By Oscar Monfort on Apr 1st, 2010
Consumers have continued to cut back on shopping trips, according to a recent report from Nielsen.
The company said that February saw shopping trips by consumers decline 4 percent on a year-to-year basis. The report also said that the amount spent per trip increased by a small margin (1 percent) in the past year.
"It is a tough market and breathing life into a different retail environment will take new strategies that keep shoppers satisfied and spending while they are in the store," Nielsen said.
Consumers seem to be focusing more on the essentials when it comes to spending, as trips to stores that provide discretionary products declined from 2008 to 2009. For example, consumers visited electronics stores 33 percent less, while toy stores saw 18 percent less traffic and department stores witnessed a 7 percent drop.
As consumers deal with trying to handle bills, many have decided to reduce the amount of shopping they do. However, cutting back on luxury items or entertainment may not be able to make up for the fact that some consumers had to use credit card debt in order to pay for basic essentials.
Consumers who are dealing with increasing credit card bills may consider debt consolidation, which can help by presenting lower interest rates on what people owe.
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