Survey: Stock Turmoil Leaves Many Shoppers Unfazed

New York, NY, August 23, 2007--Consumers are not letting Wall Street’s current woes affect their shopping habits, says a survey of 1,000 consumers commissioned by ICSC and UBS Securities.

Despite the volatility, some 46% of the respondents have maintained their spending habits and express optimism that the stock markets will settle down soon.

Press reports about the market's tumble in the face of widespread subprime loan defaults and housing weakness have been unrelenting. The Dow Jones Industrial Average recorded triple-digit declines on a number of days this past week before stabilizing when the Federal Reserve Board cut rates to pump liquidity into the banking system.

Some 13 percent of the respondents said they are aware of the market turmoil but do not base their spending behavior on the stock markets. But an equal number said their awareness will cause them to them think before making major and nonessential purchases. About 25% said they do not follow the market reports at all.