Concerned Americans Cut Spending
March 2, 2009 by Sandy Mitchell
Filed under Marketing
A recent study by BuzzBack Market Research indicates that 95 percent of those surveyed said their lives have been impacted by the recession and 92 percent were concerned.
The survey also found that 76% had cut back on spending, the most dramatic cuts coming in dining at restaurants (86%), buying clothing (76%) and attending entertainment events (71%) like movies, concerts and sporting events. Almost half (47%) said they are spending more time researching items before buying and saving money.
Two other signs of the recession’s impact, nine percent said they had recently purchased an automobile and only five percent had bought a house.
The survey confirms that consumers are making noticeable changes to their day-to-day lives to adjust,” says Carol Fitzgerald, President of BuzzBack Market Research. “Americans are worried, they’ve cut spending, and those reductions are not only dramatic in both the housing and automobile industries, keys to reviving the economy, but also in daily purchases such as groceries.” Fitzgerald says the majority of those surveyed believe the economy will not turnabout in 2009.
(photo credit: Newscom)
