Los Angeles, Calif., July 30, 2009— PriceGrabber.com®, a part of Experian, explores the impact of the economy on online consumer behavior in its latest Consumer Behavior Report, Economic Trends in Consumer Spending. Results are based on a survey of 3,156 online consumers conducted over the past two months. Survey data revealed that most consumers are cutting back as a result of the economy and that the economy has affected men and women differently.
Consumers are more focused on saving now compared with six months ago
Even with rumors that the recession could be bottoming out, consumers are cutting back even more than they were six months ago. PriceGrabber.com’s June 2009 survey revealed that 67 percent of consumers are making a concerted effort to spend less, compared with 57 percent of consumers who were cutting back in PriceGrabber.com’s January 2009 survey (conducted from Jan. 6–13; 1,545 respondents) — revealing a 10 percent increase. The June survey also found that of the consumers who have changed their spending habits in the last year, 90 percent said they still will use their saving strategies after the economy improves by continuing to live with a conservative mentality.
Women are cutting back more than men
While the recession has impacted consumer spending as a whole, women have made a greater effort to cut back than men. When respondents were asked to indicate how the state of the economy has affected their spending in specific categories, 74 percent of women indicated that they are spending less on eating out, compared with 66 percent of men; 72 percent of women are spending less on entertainment outside the home, compared with 64 percent of men; 55 percent of women are purchasing less online, compared with 42 percent of men; and 69 percent of women are buying less in stores, compared with 59 percent of men.
Men and women diverge on the definition of “necessities”
Men and women not only differ on where they are cutting back, but they also differ in their definitions of “necessities.” When consumers were asked which of the following items qualified as a “necessity” — defined as “an item that they cannot live without” — men were more likely than women to view technology items as necessities. For example, 88 percent of men and 79 percent of women indicated a personal computer or laptop as a necessity; 73 percent of men and 64 percent of women indicated a high-speed Internet connection as a necessity; and 20 percent of men and 10 percent of women indicated a flat screen television as a necessity.
PriceGrabber.com will continue to track the impact of the economy on online consumer trends. To view the full Consumer Behavior Report on economic trends and consumer spending please visit http://mr.pricegrabber.com.
PriceGrabber.com, part of Experian InteractiveSM, has established itself as one of the most trusted and effective online comparison shopping services, allowing approximately 26 million consumers each month to search and compare information that enables them to find the right product from the right retailer at the best price. Through continued innovation and a consistent focus on providing the best comparison shopping experience on the Internet, PriceGrabber.com provides savvy shoppers access to millions of unique products and services from thousands of retailers and sellers in 25 product channels. The company also powers comparison shopping functionality for a network of leading Internet sites, including Bing, AOL Shopping, About.com, iVillage, Comcast and CNET. The company offers comparison shopping in English (at http://www.pricegrabber.com), Spanish (at http://www.preciomania.com) and Portuguese (at http://www.precomania.com) as well as international sites in Canada and the United Kingdom.
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Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to manage their credit relationships and protect against identity theft.
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For more information, visit http://www.experianplc.com.
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