Fewer Americans are cutting their spending when compared to prior years, but most of those who are say that this is their “new normal,”according to survey results from Gallup. Overall, 73% of Americans polled in early April said they have been spending either less (41%) or the same (32%) amount of money in recent months than they used to. While the 41% spending less is down from a high of 57% in February 2010, about three-quarters of those believe that this decreased spending will become a new normal pattern, rather than representing a temporary change in their spending patterns.
Back in February 2010, when tightened spending was at its peak, one-third of those who were spending less said that it was just temporary. That suggests that over time, Americans who are spending less are settling into a new spending reality.
By contrast, among those 26% who are spending more, the majority say it’s just temporary, which the researchers suggest is an indication that increased spending is due more to larger expenses rather than greater earnings. Overall, 16% of respondents say they’re spending more, but that’s it a temporary increase, while 10% are spending more and expect that to be their new pattern. Read the rest at MarketingCharts.
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