Despite signs of an economic recovery, most consumers are still spending money cautiously: Almost two-thirds of US adults (63%) say they have purchased more generic brands in the past six months to save money, while an additional 12% say they have considered doing so, according to a survey from Harris Interactive.
However, consumers are holding on to their cell phones: only 17% have changed or canceled their cell phone service, and over one-half (52%) have neither done nor considered doing so.
Overall, consumers are cutting back on small things: 45% say they are brown-bagging lunch instead of purchasing it, and 8% have considered doing so.
Some consumers are making fewer visits to the hairdresser/barber/stylist (39%), and others are switching to refillable water bottles instead of purchasing bottled water (34%).
The media is also taking a hit from consumers' changes in spending:
- 33% of consumers have canceled one or more magazine subscriptions.
- 19% have canceled a newspaper subscription.
- 22% have canceled or cut back on cable television service, and 20% have considered doing so.
Generational Differences in Spending and Saving
There are also generational differences in what people are doing to save money.
- Gen X consumers (age 34-45) are more likely to brown-bag lunch (56%) and cut back on hair styling (43%).
- Matures (age 65+) are more likely to cancel a magazine subscription (45%).
- Echo Boomers (age 18-33) are more likely to cancel their landline service and use only their cell phone (20%), and to carpool or use mass transit (26%).
About the data: The Harris Poll was conducted online in the US January 18-25, 2010 among 2,576 adults (age 18 and over). Figures for age, sex, race/ethnicity, education, region, and household income were weighted where necessary to bring them into line with their actual proportions in the population.
