Zogby Interactive: Recession Accelerates Personal Cost-Cutting Measures
Changes Go Beyond Discretionary Spending To Include Lifestyle Choices
UTICA, New York - The recession is causing large numbers of U.S. adults to cut back on discretionary spending, as well as lifestyle choices. These trends are a continuation of consumer behaviors that began before the current recession. Those conclusions are drawn from a Zogby Interactive survey of 41,175 adults conducted from July 2-27, 2009. The margin of error is +/- 0.5%. Those activities most impacted by the recession, as well as decisions made prior to the recession, were: driving, eating at restaurants, going to the movies and traveling. Substantial numbers of people have also changed their housing situation, purchased second-hand apparel and sold belongings. The survey asked respondents about 11 potential economic lifestyle changes, and whether: they will not make the change, they have not made it yet, they made the change prior to the recession, they made it due to the recession and they plan to make the change within the year. Here is a summary of the results for those who have made or plan to make the changes (totals may differ due to rounding): Change Before recession Due to recession Do within year Total Reduced/eliminated dining out 29% 38% 2% 69% Driving less 33% 29% 2% 63% Bring lunch to work, not eating out 40% 19% 2% 61% Rent movies, not go to theater 40% 19% 1% 60% Changed travel plans 15% 34% 2% 51% Buy 2nd hand apparel 21% 11% 2% 34% Sold belongings to raise money 9% 17% 5% 32% Bought more efficient car 18% 6% 8% 32% Downsized home 7% 5% 4% 16% Others moved in to reduce costs 4% 5% 3% 12% Moved in with others 4% 3% 2% 8% Those with lower incomes and those who have lost a job or fear being unemployed are the most likely to take actions to save money. There are other small demographics differences within each question; but cost-cutting is prevalent across demographic groups, including income. Even in households that earn $250,000 or more annually, responses for most of these questions are not dramatically different from those of the entire sample. Pollster John Zogby: "This recession is accelerating trends that had already begun. Increasing numbers of people have become less materialistic and more interested in other, simpler forms of personal fulfillment. Some of that has been due to economic fears and realities, and the rest by choice. I see this to be a long-term trend that will continue even if and when the economy rebounds." For a complete methodological statement on this survey, please visit: http://www.zogby.com/methodology/readmeth.cfm?ID=1411 (8/20/2009)