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Deloitte: Consumer spending remains steady in February

BY Staff Writer

New York — The Deloitte Consumer Spending Index remained steady in February primarily as a decline in initial unemployment claims and a rise in real average hourly earnings offset negative forces.

"The economic fundamentals that influence consumer spending are aligning," said Patricia Buckley, director economic policy and analysis, Deloitte LLP, and author of the monthly Index. "Financial institutions and the markets are stronger, and consumer confidence and real spending appear to be weathering the 2013 payroll tax increases fairly well. Absent the uncertainty surrounding the impact of the sequester, an economic turnaround would likely be imminent."

The Index, which comprises four components — tax burden, initial unemployment claims, real wages and real home prices — rose slightly this month to 4.0 from a reading of 3.9 the previous month.

"The Index along with other positive retail news demonstrates that retailers have been able to focus consumers on spring – Easter entertaining, warm-weather apparel and home improvement projects," said Alison Paul, vice chairman, Deloitte LLP and retail & distribution sector leader. "Keeping that momentum will take more than just traditional seasonal signage and promotions. Highlighting new and unique merchandise – both in store and on web sites while fully integrating with mobile apps – can continue to drive traffic and encourage full-price purchases, inspiring consumers to spend their tax refunds."

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Y.Tup says:
May-11-2013 10:29 pm

Very informative. Keep it up
Very informative. Keep it up best place to invest money

Y.Tup says:
May-11-2013 10:29 pm

Very informative. Keep it up best place to invest money

buangsila001 says:
Mar-21-2013 12:00 pm

CPI is a measures changes in
CPI is a measures changes in the price level of consumer goods and services purchased by household. Consumer Index is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. - JustFab

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Weber-Stephen names CEO

BY CSA STAFF

Weber-Stephen Products, a manufacturer of charcoal and gas grills, has named Thomas Koos as CEO, effective April 1. Current Weber-Stephen president and CEO Jim Stephen will become executive chairman of the company.

"Tom’s global business experience, passion for building brands and deep knowledge of our distribution channels makes him a great fit for Weber," said Stephen. "I look forward to working with Tom and our team at Weber as we continue to expand and promote our strong brand around the world."

Koos has more than 20 years of marketing and management experience with consumer durable products, most recently at Jacuzzi Brands, where he served as president and CEO. Prior to his work at Jacuzzi, he held senior positions at Black & Decker and Newell Rubbermaid.

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Sam’s Club, Amazon leaders in customer service

BY CSA STAFF

WABAN, Mass. — Sam’s Club and Amazon were among the retailers that earned top marks for customer service, according to the consulting firm Temkin Group.

According to the 2013 Temkin Experience Rankings which queried 10,000 U.S. consumers about customer service issues across 246 companies in 19 industries, Sam’s Club and Amazon earned the top spots in the retail sector and RadioShack was the lowest rated retailer for the third consecutive year.

The retail industry, on average, was tied for third out of 19 industries studied and one of four industries with an average rating of good.

“The retail industry remains one of the better sectors for customer experience, but RadioShack is a real black sheep in the industry,” said Bruce Temkin, managing partner of Temkin Group.

The Temkin Experience Ratings evaluated three areas of customer experience: functional, accessible and emotional. Other key findings of the report included:

  • Three of the top 10 companies across all industries are retailers: Amazon and Sam’s Club (tied for No. 5 overall), and Ace Hardware (No. 7 overall).

  • RadioShack is the lowest-rated retailer for the third consecutive year and 191st overall in 2013. The retailer is also the lowest scoring across all three underlying components: functional, accessible, and emotional.

  • Amazon and Costco are the top rated in the functional component, Ace Hardware is the top rated in the accessible component, and Nordstrom is the top in the emotional component.

  • Office Depot (increase of 11 percentage points) and Barnes & Noble (increase of eight percentage points) made the largest improvements in the industry from 2012.

  • J.C. Penney (decrease of six percentage points), Sam’s Club (decrease of four percentage points), and Lowe’s (decrease of four percentage points) had the largest declines from 2012.

  • The average rating for the retail industry increased from 71% in 2012 to 74% in 2013.

  • Sixteen of the 24 retailers that were in both the 2012 and 2013 ratings showed improvement.

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