The Center For Media Research released new research from Harris Interactive on consumer spending and cuts made by consumers in their spend during the recession...
|
American Consumers Cutting Personal Spending in Past Year (% of All US Adults) |
|
|
Total |
Age |
Income |
|
|
|
18-34 |
35-44 |
45-54 |
55+ |
Less than $35k |
$35k- $49.9k |
$50k- $74.9k |
$75k+ |
|
Made Cuts (Net) |
79% |
76 |
81 |
86 |
76 |
82 |
89 |
78 |
79 |
|
Made a lot of cuts |
32 |
31 |
36 |
40 |
25 |
38 |
34 |
36 |
26 |
|
Made some cuts |
47 |
45 |
45 |
46 |
51 |
45 |
55 |
43 |
52 |
|
Did not make any cuts |
21 |
24 |
19 |
14 |
24 |
18 |
11 |
22 |
21 |
|
Source: The Harris Poll, July 2009 |
|
|
Recent Spending Trend (% Of All U.S. Adults Who Made Spending Cuts) |
|
|
Total |
Age |
Income |
|
|
|
18-34 |
35-44 |
45-54 |
55+ |
Less than $35k |
$35k- $49.9k |
$50k- $74.9k |
$75k+ |
|
Increased Spending (Net) |
24% |
29 |
16 |
28 |
22 |
20 |
24 |
26 |
28 |
|
Increased spending to what it was |
4 |
8 |
1 |
1 |
2 |
2 |
1 |
2 |
6 |
|
Increased spending, but still less than what it was |
21 |
20 |
15 |
27 |
20 |
18 |
23 |
23 |
22 |
|
No, have not increased spending yet |
76 |
71 |
84 |
72 |
78 |
80 |
76 |
74 |
72 |
|
Source: The Harris Poll, July 2009 | |
Consumers remain cautious but they will make purchases that hit their value proposition. I know people right now that are choosing to "staycation" because of the stress the recession has caused them. Buying cycles may also fluctuate and the 4 stages of the Buyers Awareness Cycle still remain but they may be expanded or contracted depending on the value proposition your clients can put into the marketplace.