PORT WASHINGTON, N.Y. — The percentage of consumers who feel we are in tough times or a recession has increased since April, according to a monthly survey from leading market research company The NPD Group, Inc. According to the latest results of NPD’s Fast Checks Study (Consumers Speak Out On the U.S. Economy) in May, 58 percent of consumers said we are in a recession, compared to 55 percent in April. What’s more, consumers are not only less optimistic about the economy, they are beginning to change their behavior in response.

How are consumers reacting? The survey respondents said they are planning to spend less on things like apparel and footwear. And with vacation season approaching, 49 percent of consumers said they plan to cut back on leisure travel. According to NPD Chief Industry Expert Marshal Cohen, “It looks like ‘stay-cations’ will be catching on this year.”

The study uncovered additional information about consumers’ spending intentions. A greater percentage of consumers said they are spending less because they need to put money toward essentials, such as gas and utilities.

“Consumers are finally starting to react to the price of gas and other rising costs and are shifting shopping intentions,” Cohen said. “Overall, in the past month, a 5 percentage point increase was seen in survey respondents who tell us they are going to do something different by taking advantage of promotions/events such as store sales, coupons and discount or membership programs.”

Summing up this month’s results, Cohen stated, “Consumers continue to display their intentions to spend, but now appear to be thinking twice before they actually do.”

For more information about NPD, visit: http://www.npd.com.