Third of Arizona consumers say some major purchases cannot be put off any longer despite curtailing spending
Phoenix, AZ – The Behavior Research Center found that three fourths of Arizonans have curtailed spending since the recession began. But a third of those questioned said they had reached a point where some major purchase could not be put off any longer. Economist Dennis Hoffman of Arizona State University said that's why consumer spending is up.
(Even though folks aren't feeling dramatically better in terms of income and outlook than they did a year or two ago, stuff is wearing out. And when things wear out, it's time to buy the new car, it's time to buy the new appliance.)
All that, in turn, stimulates the economy by creating not just manufacturing jobs but income for merchants -- and the need for more employees. But Hoffman said consumers do not need to be concerned about the macro-economic effects but only how going shopping now can help them.
(If you are positioned where you can qualify for financing you can strike smoking deals right now. Auto deals are great, furniture, appliance deals are great.)
For Arizona Public Radio this is Howard Fischer.