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Monday, February 22, 2010

Brown Bagging and Generics Lead Consumer Spending Savings

The economy is turning around based on what one hears from economists and the White House, but according to the results of The Harris Poll of 2,576 adults surveyed online between January 18 and 25, 2010, when it comes to small things people can do each day to save money, consumers are still acting cautiously. 63% of U.S. adults 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.

Spending/Savings Over Past Six Months (considered doing in order to save money)
	*% of All Adults (rounded)*
*Consideration*	*Have Done*	*Have Considered*	*Have not done nor considered*	*Not applicable*
Purchasing more generic brands	63%	12%	18%	7%
Brown bagging lunch instead of purchasing it	45	8	13	34
Going to the hairdresser/barber/stylist less often	39	8	31	22
Switched to refillable water bottle instead of purchasing bottle of water	34	10	21	34
Cancelled one or more magazine subscriptions	33	7	23	37
Cut down on dry cleaning	22	4	17	57
Cancelled or cut back cable television service	22	20	41	18
Stopped purchasing coffee in the morning	21	6	19	54
Cancelled a newspaper subscription	19	9	31	42
Changed or cancelled cell phone service	17	14	52	17
Cancelled landline phone service and only using cell phone	15	21	45	19
Begun carpooling or using mass transit	14	8	31	48
Source: The Harris Poll, January 2010

There are also some generational differences in what people are doing to save money. Gen Xers (those aged 34-45) are more likely to brown bag lunch and cut back on hair styling. Matures (those aged 65 and older) are more likely to cancel a magazine subscription. Echo Boomers (those aged 18-33) are more likely to cancel their landline service and only use their cell phone, and to carpool or use mass transit.

Spending/Savings Over Past Six Months - By Generation (Considered In Order To Save Money)
	*% of Generation Saying "Have Done" (rounded)*
	*Total*	*EchoBoomers (18-33)*	*Gen. X (34-45)*	*BabyBoomers (46-64)*	*Matures (65+)*
Purchasing more generic brands	63%	60%	66%	63%	61%
Brown bagging lunch instead of purchasing it	45	51	56	46	20
Going to the hairdresser/barber/stylist less often	39	39	43	38	35
Switched to refillable water bottle instead of purchasing bottle of water	34 40	37	31	28
Cancelled one or more magazine subscriptions	33	24	31	36	45
Cut down on dry cleaning	22	18	24	21	27
Cancelled or cut back cable television service	22	24	26	22	14
Stopped purchasing coffee in the morning	21	25	27	19	14
Cancelled a newspaper subscription	19	16	20	20	20
Changed or cancelled cell phone service	17	19	20	17	11
Cancelled landline phone service and only using cell phone	15	20	16	15	6
Begun carpooling or using mass transit	14	26	16	7	4
Source: The Harris Poll, January 2010

According to the American Express Spending & Saving Tracker, says the report, 49% of the general U.S. population said they will spend the same or more money this month as last month. And, in specific spending areas, responded this way when asked where their money will go during February 2009:

Groceries - 52%
Child/elder care - 50%
Medical bill/healthcare - 49%
Auto expenses - 48%
Entertainment - 47%
Dining out - 45%
Loans/credit card payments - 44%
Tax payments - 44%
Education - 43%

However, 83% of the general population has a defined saving plan in place. 30% of the general population and 42% of young professionals plan to cut back on extra purchases such as "morning lattes" and "manicures" as part of their plan.

The report concludes that these may seem like small savings, they are the things many financial planners say people need to do more of to save money. And, it seems in these times of greater economic hardship, Americans are finally heeding that advice. But, says the writer, are these cuts temporary or will they become lifestyle changes?

We use the term research in the broadest possible sense. We do not perform an audit, nor do we analyze the data for accuracy or reliability. Our intention is to inform you of the existence of research materials and so we present reports as they are presented to us. The only requirements we impose are that they are potentially useful and relevant to our readers and that they pass the rudimentary test of relying on acceptable industry standards. We explicitly do not take responsibility for the findings. Please be aware of this and check the source for yourself if you intend to rely on any of the data we present.

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