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According to the March 2009 BIGresearch Consumer Intentions & Actions Survey, just under 91 percent of consumers feel that the current economic crisis will continue to impact lifestyle spending choices over the next five years.
BIGresearch (www.bigresearch.com) asked: “Do you think the current economic crisis will impact your lifestyle over the next five years in any of the following ways?” and more than 8,000 adults, ages 18 and over, responded accordingly:
I will consider each purchase more carefully — 55.2%
I will be more price-conscious when buying clothing and food — 50.7%
I will try to stick to a budget — 48.1%
I will spend less dining out — 46.3%
I will not incur a large credit card debt — 43.4%
I will spend less on entertainment (movies, concerts, sporting events, etc.) — 39.2%
I will save more of what I earn — 36.3%
I will be more conservative when buying a car — 30.1%
I will pay off my credit card each month — 29.0%
I will not run up home equity debt — 28.1%
I will take more practical vacations — 23.3%
For more details regarding age, gender and income for this survey, click here.
SNEWS® View: The silver lining in what some might perceive as a consumer spending storm cloud is that practical vacations will most certainly include camping and recreational trips with families seeking to stretch dollars while spending more quality time together. Now, more than ever, the outdoor and fitness industries have an opportunity to market the health and well-being of outdoor recreation and vacations for families. It also means for fitness stores, and outdoor stores, it is time to focus on marketing to consumers to show that what products you offer provide quality of life, health, well-being and high value — needs for any consumer. There is no doubt in our minds that consumers, while interested in saving money and spending less, still want to have fun and stay fit and healthy while doing so.