Commentary

Consumers Saving Money Less Frequently

According to The Harris Poll, in December 2011, for almost the first time since 2009, Americans indicate that they are making certain small changes to save money less frequently.

When asked about a list of 12 changes people could make to save money, fewer Americans say they "have done" each over the past six months than said so almost each time the questions have been asked since 2009. Fairly high numbers still report making most changes, but the overall trend appears to be inching downward. Some of the results include:

  • 61% of U.S. adults say they have been purchasing more generic brands over the past six months which is down from the 67% who said so in June 2011
  • 42% now say they are brown bagging lunch, which is a drop from the 45%-48% who reported this each time the question has been asked since June 2009
  • 31% of Americans report switching to refillable water bottles rather than purchasing bottles of water, and 17% report stopping purchasing coffee in the morning, the lowest levels seen since October 2009;
  • In terms of media consumption, 26% of Americans report cancelling one or more magazine subscription, 21% cancelling or cutting back on cable television service, and 15% cancelling a newspaper subscription, the fewest number of Americans in 26 months, since October 2009
  • While fewer Americans overall are, or have been, cancelling or changing their phone service (landline or mobile) to save money, still 14% report both landline cancelling and cell phone changing or cancelling, which is equal to or lower than the lowest percentages seen since early 2010
  • 37% of Americans are still cutting back on going to the hairdresser, barber or stylist, and 19% are cutting down on their dry cleaning. Both numbers are similar or lower than the numbers reported over the last two years

These results may indicate one of two things, concludes the report. Either Americans have made many of these changes previously, so the numbers are no longer seen as "new changes", or Americans are actually starting to spend money in some of these areas.

A recent Harris Poll on economic predictions for the New Year seems to support the latter theory, says the report, as fewer Americans report plans to cut back their household spending in 2012, then said so in years prior.

Saved Over Past Six Months by:

 

Done

Considered

Not Done Or Considered

Purchasing more generic brands

61

12

18

Brown bagging lunch instead of purchasing it

42

6

13

Going to the hairdresser/barber/stylist less often

37

6

29

Switched to refillable water bottle instead of purchasing bottles of water

31

10

25

Cancelled one or more magazine subscriptions

25

7

25

Cancelled or cut back cable television service

21

22

37

Cut down on dry cleaning

19

3

15

Stopped purchasing coffee in the morning

17

5

17

Cancelled a newspaper subscription

15

8

30

Changed or cancelled cell phone service

14

15

51

Cancelled landline phone service and only using cell phone

14

18

41

Begun carpooling or using mass transit

13

6

28

Source: Harris Poll, December 2012

 

Saved or Considered Saving Over Past Six Months - By Generation

 

 

Generation Age Group

 

Total

18-34

 35-46

 47-65

66+

Purchasing more generic brands

61

60

63

62

58

Brown bagging lunch instead of purchasing it

42

46

56

43

15

Going to the hairdresser/barber/stylist less often

37

38

37

40

31

Switched to refillable water bottle instead of purchasing bottles of water

31

35

34

30

26

Cancelled one or more magazine subscriptions

25

17

25

30

30

Cancelled or cut back cable television service

21

18

27

22

15

Cut down on dry cleaning

19

12

21

24

19

Stopped purchasing coffee in the morning

17

18

22

16

8

Cancelled a newspaper subscription

15

12

16

18

16

Cancelled landline phone service and only using cell phone

14

19

17

12

8

Changed or cancelled cell phone service

14

15

17

14

8

Begun carpooling or using mass transit

13

22

13

9

4

Source: Harris Poll, December 2012

For additional information, please visit HarrisInteractive here.

 

 

 

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