How to Stretch a Dollar:

Recently, we asked a thousand of our panelists to answer some questions about their current and anticipated spending habits. They told us about their spending habits across eighteen categories, from apparel to vacations. What we found is that our consumers, across the board, plan to spend less money in six months compared to their current spending habits. They were happy to tell us about their spending habits, but not so happy about where their spending is headed.

50% or more of our consumers expect to spend somewhat or considerably less, in six months, on fully ten of the eighteen categories, including (in order of popularity) dining out, apparel, entertainment, gifts, electronics, health and beauty, furniture and decor, gifts, vacations, and flowers and plants. Dining out is the area that most people in our survey, 72%, plan to cut back on. Apparel runs a close second, with 65% of our respondents planning to cut back on clothing expenses.

Less than half of our consumers expect to cut their spending on (also in order of popularity): automotive expenses, children’s activities, fitness, groceries, pets, toys and games, and business travel. Pet products and business travel are the areas least expected to be cut back on, with 29% and 27% of respondents, respectively.

The rich may not be getting richer, but they are cutting their spending