Nielsen has been talking to shoppers in effort to determine how the economic slowdown is changing behavior.
They found that nearly two-thirds (63 percent) of consumers are reducing their spending, up 18 points since June 2007.
courtesy of Flickr user, Jim Forest
“Consumers are altering their driving and spending habits at dramatic levels,” said Todd Hale, senior vice president, Consumer & Shopper Insights, The Nielsen Company. “While discretionary spending is likely to be a challenge for most low and middle income shoppers, even affluent consumers are looking for ways to make their dollars go further.”
Nielsen’s research shows that more consumers (35 percent) are buying less expensive brands, up 12 points since December 2007. People are also clipping coupons and looking for price promotions at retail, shopping online, carpooling and using public transportation more often.
Are you doing any of these things?
