July 14, 2010

Cutting Back During Hard Economic Times

62%

More than six-in-ten Americans have cut back on household spending since the recession began.

Since the start of the recession, 62% of Americans say they have cut back on household spending. Just three-in-ten say they have kept their level of spending constant and 6% have increased their spending. Americans have taken a variety of approaches to reining in other spending during the recession. The most popular route to cost cutting has been to buy less expensive brands (71% have done this). Fully 57% have decided to cancel or cut back on vacation plans during the recession. Three-in-ten have saved money by spending less on alcohol and cigarettes. One-in-ten adults (11%) has postponed marriage or having a child during the recession. Overall, higher-income adults report making fewer lifestyle adjustments than do lower-income adults. Likewise, adults age 65 and older report making fewer retrenchments than do younger and middle-aged adults. Read More