The Homa Files

Excerpted from Marketing Daily “How We Cut: Restaurants First, Video Games Last” by Sarah Mahoney, November 12, 2008

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While there’s no shortage of consumers who are dialing down their spending-.  Guess what consumers axe first when they are worried.

When asked how they planned to trim the fat, dining out is in the hot seat–with 57% of respondents saying they plan to spend less.

Clothes were the next casualty, with 54% cutting back–followed by entertainment, with 50%.

Somewhat safer were beauty products and music, both identified as categories to cut by 44% of the survey, and movies at 43%.

Only 39% say they plan to spend less on toys, and 35% on video games…

How long consumers will continue to tweak their purchasing habits is anyone’s guess, but as far as people are concerned right now, the changes are for the long haul…

Younger consumers are the least hopeful…Those in the 65-plus category come in second in the pessimism parade, with only 7% saying they believe that recovery in less than a year is possible.

Overall, men tend to be less likely to believe we are in a recession, and more likely to believe the economy will bounce back fast.

Edit by SAC 

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Full article:
http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=94580

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This entry was posted on December 10, 2008 at 6:30 am and is filed under Mktg - Consumer Behavior. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.