Georgia Southern University Releases Retailers Survey Information
A recent survey by Georgia Southern University’s Bureau of Business Research and Economic Development found local retail businesses were pessimistic about the 2008 holiday shopping season outlook.
During a survey conducted the last week in October, the Bureau of Business Research and Economic Development completed 278 phone surveys of retailers in eleven Georgia counties (including Bulloch, Chatham, Effingham and Bryan) and three South Carolina counties (Hampton, Jasper and Beaufort). The retail businesses were asked a series of questions regarding the economy and how they believed they would fare during the 2008 holiday shopping season. Here is how retailers responded to key questions in the survey:
- Eighty-seven percent said the national economy was doing worse in 2008 compared to 2007.
- Fifty percent said their company’s financial status was the same as last year.
- Twenty-four percent said their company was worse off than last year.
- Forty-one percent said they think their holiday sales will be the same as last year.
- Thirty-four percent said they believe their holiday sales will be worse than last year.
- Seventy-six percent said they would not hire additional employees during the holiday season.
- Fifty-six percent said they are concerned that high levels of consumer debt will curtail consumer spending during the holiday season.
This is the sixth year that the Bureau of Business Research and Development has conducted this survey of retailers leading up to the holiday season. The Bureau of Business Research and Development is a unit of Georgia Southern University’s College of Business Administration.