ARG: Consumers Downgrade Meaning of "Major Purchase"

December 14, 2009  by in UnCategorized   

By Home Furnishings Business in economic news on December 15, 2009 Tough economic times have driven more American families to lower the dollar value of what they define as a "major purchase" from $500 or more to the low range of $250 to $350.

That's according to is a new research finding posted on BeemerReport.com, a new, largely video-based, Web site launched earlier this month by Charleston, S.C.-based America's Research Group CEO Britt Beemer. 

"This is the most significant change in the retail business over the last 15 years," Beemer said. "It's the first time we've seen this kind of basic re-definition over many years of conducting consumer research."

In a survey last weekend, three times the number of consumers said "yes" compared to "no" when asked if they need to discuss a purchase of $250 to $350 with their spouse or partner to determine if they can afford it. For many years, the definition of a "major purchase" requiring consultation has been purchase of an item of $500 and more.

Conducted exclusively for the BeemerReport.com Dec. 5-6, the research consisted of telephone interviews with 1,000 consumers. The error factor is plus or minus 3.8 percent.

BeemerReport.com, a subscription-based service, features constantly updated poll data available exclusively to members. The site will feature a minimum of 10 new research findings per month on a variety of topics such as holiday sales forecasts, retail stores favored by consumers, public confidence in the banking industry, numbers of people considering car purchases etc.

Beemer has a successful record in forecasting business trends for clients ranging from Warren Buffett's Berkshire-Hathaway companies, General Electric and UBS to Sealy Mattress Co. and many U.S. retailers.