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U.S. Inflation Worries Spiral as Spending Falls and Customers Stream to Costco and Wal-Mart
The discounters are back in vogue as inflation rears its ugly head.
That's the verdict from ChangeWave's latest consumer survey, which shows a large-scale movement to discount retailers driven by skyrocketing inflation and an overall spending environment that continues to slow.
The ChangeWave survey of 4,735 consumers, completed April 7th, looked at spending for the next 90 days.
In a clear sign the economic downturn isn't over yet, this is the third-consecutive ChangeWave survey in 2008 showing a recession in consumer spending. However, the current survey does contain one small glimmer of hope - the actual rate of spending decline appears less severe than in either of the previous two surveys.
Better than two-in-five U.S. respondents (42%) say they'll spend less over the next 90 days than they did a year ago - 3-pts worse than our February 2008 survey. Another quarter (25%) say they'll spend more - unchanged from previously.
Read more about Changewave's findings on how inflation will affect consumers.
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