Aug 26, 2009 -- Consumers abandoning purchases at the register and online
Are you your own worst enemy in a store because you spend money you can't afford?
Executive producer Christa is thankful that her family keeps her busy enough that she doesn't have time for leisure shopping. Her family's big spending challenge is now monitoring food costs and the expense of eating out.
When she does go to a store, Christa tries to only go in for what she's looking for and nothing else. She's particularly careful in retailers like Target and the warehouse clubs.
Target recently told the Associated Press that people have changed their shopping behavior in their stores. Customers now mostly buy health and beauty products, prescriptions and food -- just the basics. What they're avoiding is Target's affordable fashion items, which were previously such a staple of the retailer's business.
At Home Depot and Lowe's, meanwhile, sales of paint and gardening tools are up. People are trying to save money by doing their own home improvement jobs and growing their own vegetables.
New figures from Forrester Research show that 1 in 4 people now put potential purchases back at the register. That's proof positive that consumers are making changes in their shopping habits. Consider that the historical number is around 10% of people doing the same at checkout.
And 60% of online shoppers abandon purchases at the last stage of cyber-checkout.
Let's face it, so much of what we spend is on stuff that we really don't need. The next time that you're tempted to splurge, just remember that you may have to transport that extra junk you're accumulating someday when you move!
