Earlier this week AP Personal Financial writer Eileen AJ Connelly had an interesting article about how consumers have changed the way they spend money. It was based on a completed survey commissioned by IBM. Here are some of the stats:
Taking steps to save money:
- 49 percent said they are going to more stores to get the best deal
- 35 percent said they have switched grocery stores.
- 72 percent said they made “significant” spending cuts.
What they are looking for:
- 45 percent said “better value” is among the most important features when shopping for food, while 36 percent said “lowest price overall” will stay on top during this recessionary period.
- 15 percent of respondents think it is “very likely” their household income will rise by 20 percent by 2014, while 45 percent said it is “not at all likely” that income rise that much in that time period.
Clothing apparently is taking a backseat these days, but not food, alcohol, tobacco and coffee. However, 29 percent said clothing is back on the shopping list when the economy begins to improve.
The survey also concluded that most of these shopping changes will stay even as the economy recovers. What do you think? Are these changes going to stick?