Neighborhood consumer sentiment revealed regarding economic conditions

Several community financial institutions learned the impact of the tumultuous economic downturn in the markets they serve in a recent survey of 601 consumers in eight Massachusetts counties conducted in November 2008.

• In addition to measuring the effect of the economic decline on their family, the Consumer Sentiment Study - A Local View inquired about the likelihood of dipping into savings and retirement funds to make ends meet; spending plans for the holidays; and expectations regarding local job layoffs.
• The level of concern about having enough for retirement, health care costs, tuition expenses, cash flow for current needs, and the value of their home was gauged.
• The most likely savings and investment intentions in the foreseeable future were revealed and the likelihood of consumers putting borrowing on hold was quantified.
• Consumers’ preferences for types of financial institutions were obtained.

This proprietary study not only allowed these banks and credit unions to better understand the economic impact in their markets, it also provided perspective regarding communications, product strategies, and branding approaches in light of the downturn.

Because the study is shared by a number of financial institutions, the cost to each participant is considerably lower than if the study is conducted on an individual basis.

Sign up here to find out how to participate in the next Consumer Sentiment Study for your institution.