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Shoppers ready to spend, NY conference hears

While some 80 percent of shoppers say they have reduced spending in the past year, most say they are ready to start spending again as the economy improves, according to a survey of more than 2,500 U.S. and Canadian consumers conducted by ICSC. Moreover, most consumers say they cut back as a precautionary measure, not because of any financial distress.

The survey results were released today at ICSC’s New York National Conference and Dealmaking in New York City.

Some 40 percent of the shoppers surveyed said they expect the economy to improve in the coming year, while only 11 percent said they expect it to get worse. Forty-seven percent said it will remain the same.

"Clearly consumers have the where-with-all to spend and there is a great pent-up demand to shop," said Michael Kercheval, president and CEO for ICSC. "It appears consumers’ perception of the economy versus the reality of their own financial situation has caused them to reign in their discretionary spending. With many economic indicators suggesting an economic recovery is underway, the results of this survey are good news for retailers and shopping center owners."

Retail real estate professional from around North American and beyond have converged on the conference, which runs through Tuesday.