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Consumer Spending Continues to Fall

·  42% of U.S. respondents say they’ll spend Less over the next 90 days than they did a year ago – 3-pts worse than in Feb 2008 survey

·  25% say they’ll spend More – unchanged from previously

·  3rd consecutive survey during 2008 showing a recession in consumer spending

Where Has Spending Slowed the Most?

·  Consumer Electronics (-8 pts) – weakest 90-day outlook for electronics ever recorded in a ChangeWave survey

·  Durable Goods (-3 pts)

·  Restaurants (-2 pts)

Inflation Worries Spiral

Top Reasons For Spending Less

·  46% say Inflation is the most important reason why they’re spending less – up 6-pts

·  43% say Higher Energy Costs – up 11-pts

Energy Costs Cutting into Discretionary Spending

·  65% report their discretionary spending will be lower due to increased energy costs – 6-pts higher than just two months ago (Feb 2008)

The Transformation in Retail Shopping

Large-Scale Movement to Discount Retailers and Wholesale Clubs

·  Sharply lower spending and higher inflation – coupled with deteriorating housing values – have produced an increasingly beleaguered and worried shopper

Next 90 Days

– Retail Store Winners

·  Costco (COST; +8)

·  Wal-Mart (WMT; +1)

– Retail Store Losers

·  Sears (SHLD; -10)

·  Bed Bath & Beyond (BBBY; -10)

·  Linens N Things (-8)

·  Macy’s (M; -8)

·  JC Penney

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