| Consumer Trends
Inflation & Cutbacks: Consumers Still Feeling The Effects Of A Tough Economy
Over the past 18 months, consumers seem to have adjusted to inflation; however, more than 8 in 10 still say they are feeling the effects of high prices and tight economic conditions.
Though not shown here, women and those with kids in the household are more likely to report these feelings.
Top-3 Household Cutbacks—Past 6 Months
The most prominent budget trimming remains in the area of eating. This is true for restaurant use and grocery buying. Though not shown here, other common cuts are in the areas of entertainment, travel, household goods, and driving/fuel spending. Women are more likely than men are to report reducing expenses in several household budget categories.
Money-Saving Changes
For both food and household goods, shoppers are most likely to seek out sale prices or promotions to save money. For food, cutting back on quantities and switching brands are among the most common behaviors, whereas pulling back on frequency of purchasing is more common for household goods than for food.
Methodology
For Decision Analyst's Consumer Trends, the company periodically surveys consumers about their well-being, personal finances, employment, and plans for future purchases, as well as many other economic and personal issues. For its study of Americans’ Holiday plans, Decision Analyst drew on a sample of slightly more than 1,000 respondents balanced by region, gender, age, race and other demographics. The most recent data covered is from November of this year.
About Decision Analyst
Decision Analyst (www.decisionanalyst.com) is one of the nation’s largest privately owned marketing research and analytics firms, serving an array of Fortune 500 corporations, advertising agencies and consulting firms across North America, the European Union, Asia, and Latin America. Decision Analyst specializes in strategy research, new product development, advertising testing, and advanced modeling for marketing decision optimization.Media Contact
Cristi Allen
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callen@decisionanalyst.com
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