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Americans change way they shop
By Eileen Connelly |
September 23, 2009, Wednesday
|
Print Edition
Print Edition
AMERICANS are reevaluating their shopping habits because of the recession and say their cost-saving strategies will last even after the economy recovers.
A survey commissioned by IBM found that 72 percent of respondents had made "significant spending cuts" because of the economy. While the hardest hit were people who earn US$45,000 a year or less, 59 percent of those earning US$100,000 or more say they've cut back too.
The steps taken to save money most often involved shopping at more stores to get the best deal, 49 percent of those surveyed, and switching grocery stores, 35 percent.
But while price was a major factor for 83 percent, 72 percent said that quality remained a top priority.
"It used to be much more about price and want. Now it's much more about value and need," said Guy Blissett of the IBM Institute for Business Value. "I think it's a much more sophisticated approach to shopping."
The survey involved 4,000 adults and their answers indicated the new habits would outlast the slump.
For instance, 45 percent said "better value" would remain among the top features when shopping for food as the economy improves.
What people most frequently cut down on was shopping for clothes - 38 percent said they were buying less clothing and 20 percent were buying less expensive brands.
More than half of the people also said they were buying less food.
A survey commissioned by IBM found that 72 percent of respondents had made "significant spending cuts" because of the economy. While the hardest hit were people who earn US$45,000 a year or less, 59 percent of those earning US$100,000 or more say they've cut back too.
The steps taken to save money most often involved shopping at more stores to get the best deal, 49 percent of those surveyed, and switching grocery stores, 35 percent.
But while price was a major factor for 83 percent, 72 percent said that quality remained a top priority.
"It used to be much more about price and want. Now it's much more about value and need," said Guy Blissett of the IBM Institute for Business Value. "I think it's a much more sophisticated approach to shopping."
The survey involved 4,000 adults and their answers indicated the new habits would outlast the slump.
For instance, 45 percent said "better value" would remain among the top features when shopping for food as the economy improves.
What people most frequently cut down on was shopping for clothes - 38 percent said they were buying less clothing and 20 percent were buying less expensive brands.
More than half of the people also said they were buying less food.
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