NEW YORK — Consumers say their buying plans haven't changed and their confidence was only moderately shaken by the stock market upheaval, according to a survey by the Conference Board.
A survey commissioned by the nonprofit business research institute found that nearly 73% of the consumers questioned still intend to make planned purchases of automobiles, household appliances, furniture and other major goods despite the market turmoil.
Another 74% said they are either unconcerned or only somewhat concerned about the recent plunge in stock prices. Only 15% acknowledged being "extremely concerned."
Based on the survey, the Conference Board said that its consumer confidence index fell only modestly--to 110.4 between last Thursday and Sunday from 116.9 during the first two weeks of October. By comparison, the institute said the index lost more than one-third of its value after the 1973 oil crisis. The survey uses 1986 as a base of 100.
"The Dow Jones quake has thus far generated only mild aftershocks among consumers. While consumers are a bit more cautious than they were earlier this month, confidence is continuing at high levels," said Fabian Linden, executive director of the group's Consumer Research Center.