Navigation Links
New Study Shows That Despite Recession, Consumer 'Hold-Outs' Struggle To Have It All
Date:3/31/2009

PRINCETON, N.J., March 31 /PRNewswire/ -- Americans' financial security has been shaken, yet they are divided in their willingness to make spending cuts. While nearly half (49%) of all adults are not ready to compromise their standard of living, the other half see little choice, according to a new study by Multi-sponsor Surveys.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090331/NY90900)

The results of the 2009 Economic Impact Market Segmentation Study show that consumers are making the strongest efforts to limit spending on vacations (45% making strong effort), dining out (45%), entertainment (44%) and clothing (43%). Most find it hardest to cut back on food, heat/utilities, healthcare and transportation. Parents are particularly reluctant to reduce spending on their children, with only 19% of parents making a strong effort to limit those expenses.

This national survey of 1,008 adults conducted in late February identified five distinct consumer segments, each facing the recession from a different perspective.

Roughly one in three (34%) adults fall into the two groups hit hardest by the recession and forced to make painful cutbacks in spending - - the Down & Out and On-the-Edge segments. Most of these consumers have experienced job loss, pay cuts or loss of insurance coverage.

One in five (19%) are Hold-Outs -- a young group clinging to their standard of living despite being on shaky financial ground. They are most likely to agree they have "probably been living beyond (their) means for years."

Nearly half (47%) of adults are in the two most financially secure groups -- Cautious Optimists and Secure Spenders. While Secure Spenders typically see no reason to compromise their standard of living, Cautious Optimists are more willing to curtail spending for what they believe will be a short-term recession.

No product category is immune to consumer cutbacks, although some are better positioned than others. For example, "necessities" such as prescription medicine, toothpaste and fresh fruits/vegetables have suffered far fewer cutbacks than discretionary purchases like anti-aging skin care products, organic produce and bottled water. Across all product categories, the most dramatic spending cuts have been made by the Down & Out and On-the-Edge segments.

Multi-sponsor Surveys will continue to track the buying habits of these consumer segments at two-month intervals in order to gauge the recession's impact on consumer spending for healthcare, medicine, food/beverages, dietary supplements, personal care products, and other categories.

Methodology

The 2009 Economic Impact Market Segmentation Study was conducted online between February 25 and March 1, 2009 among a national sample of 1,008 U.S. residents age 18 or older. The sample was weighted, as necessary, to conform to U.S. Census profiles of the adult population.

Multi-sponsor Surveys, Inc. is a diversified, syndicated market research company that develops, conducts and markets consumer and professional market research programs and services. Established in 1989, Multi-sponsor Surveys conducts over 100 major, primary research studies each year in the areas of food, beverage & nutrition, pharmaceutical & healthcare, beauty & personal care, pet care, and other consumer goods and services. For more information about Multi-sponsor Surveys, Inc., visit: www.multisponsor.com or call +1-609-924-7772.


'/>"/>
SOURCE Multi-sponsor Surveys, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Penn study finds pro-death proteins required to regulate healthy immune function
2. New study shows promise in reducing surgical risks associated with surgical bleeding
3. Study, meta-analysis examine factors associated with death from heatstroke
4. Study suggests loss of 2 types of neurons -- not just 1 -- triggers Parkinsons symptoms
5. Study says COPD testing is not measuring up
6. Preclinical study suggests organ-transplant drug may aid in lupus fight
7. Ability to cope with stress can increase good cholesterol in older white men, study finds
8. High alcohol consumption increases stroke risk, Tulane study says
9. Mailman School of Public Health study examines link between racial discrimination and substance use
10. Pitt study finds inequality in tobacco advertising
11. Stanford study highlights cost-effective method of lowering heart disease risks
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... ... 11, 2016 , ... PharmMD CEO Robert Yeager ... focus on contract negotiations, corporate strategy and healthcare data law. Additional responsibilities will ... in data breaches for the Part D Star Rating improvement and Medication Therapy ...
(Date:2/11/2016)... ... February 11, 2016 , ... AccuVein Inc. announces the Infusion ... of Practice, to include vascular visualization as a standard practice. AccuVein ( http://www.accuvein.com ... the market, facilitates adherence to this standard with its easy to use, widely ...
(Date:2/11/2016)... ... February 11, 2016 , ... The annual list showcases the 20 ... DataPoint’s team dedication and commitment to the SharePoint ecosystem. A panel of ... The panel’s goal is to recognize and promote technology entrepreneurship. , The survey ...
(Date:2/11/2016)... ... February 11, 2016 , ... ... and ergoFET force gauges used in physical therapy, occupational therapy and sports medicine ... for resistance cord exercise and therapy, introduces its new microFET Digital Pinch Gauge. ...
(Date:2/11/2016)... , ... February 11, 2016 , ... ... results in significantly higher rates of several common cancer screenings, especially among women. ... better outcomes and survival rates. , The study,“What Does Medicaid Expansion Mean ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... -- --> --> Transparency ... titled "Sports Medicine Devices Market - Global Industry Analysis, Size, ... the report, the global sports medicine devices market is anticipated ... growing from a value of US$6.1 bn in 2012 to ... --> The global sports medicine devices market is fueled ...
(Date:2/11/2016)... , Feb. 11, 2016 PLAD, Inc. ... out 2016 with sales exceeding company targets, are adding ... received their trademark from the United States Patent and ... Clark , Chief Executive Officer of PLAD, Inc.  In ... Pennsylvania with two new customers, ...
(Date:2/11/2016)... , Feb. 11, 2016 Exactus ... company providing high-quality specialty pharmacy care for those ... today it has achieved full Specialty Pharmacy Accreditation ... organization dedicated to promoting health care quality through ... --> The URAC accreditation process ...
Breaking Medicine Technology: