Consumer Spending in the Economic Downturn

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Consumer Spending in the Economic Downturn

Publish Date: October 16, 2008
Author(s): Leinwand, Paul; Moeller, Leslie; Shriram, Kolinjuwa
Abstract: U.S. consumers have cut back spending significantly over the past six months, according to a new survey on consumer spending from Booz & Company. More than one third of consumers have made substantial cutbacks in frequent purchases, such as dining out, driving and shopping for everyday goods. In addition consumers plan to continue tightening their household budgets even further if the economy worsens, cutting back on a range of products and services and durable goods, from electronics purchases to gym memberships to children's toys. While the survey found that consumers will reverse many of these cost-saving measures as finances improve, some changes in spending behavior appear to be long-lasting.
Related Industries: Consumer Products, Retail
Related Expertise Areas: Marketing & Sales

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