Monday, March 2, 2009

Recession Survey: Americans are Very Concerned, Have Cut Spending & Say their Lives have been Impacted

/PRNewswire/ -- An overwhelming majority of Americans are concerned about the recession and say it's had a dramatic impact on their lives, and their spending according to a national survey released today by BuzzBack Market Research.

Ninety-five percent of those surveyed said their lives have been impacted by the recession and 92 percent were concerned, according to those surveyed.

The survey found that 76% had cut back on spending, the most dramatic cuts coming in eating at restaurants (86%), buying clothing (76%) and attending entertainment events (71%) like movies, concerts and sporting events. 47% said they are spending more time researching items before buying and saving money.

Two other signs of the recession's impact, 9 percent said they had recently purchased an automobile and 5 percent had bought a house.

The BuzzBack survey also found that 67% are worrying about money and spending.

Despite all the concerns, nearly 80 percent of those surveyed are optimistic that President Obama can turn the economy around.

And in a dramatic change seven years after the 9/11 attacks on the US, more people are fearful of the recession than terrorism. The BuzzBack survey indicates 50% of those surveyed are worried about the recession compared to 14 percent worried about terrorism.

"The survey confirms that consumers are making noticeable changes to their day-to-day lives to adjust," says Carol Fitzgerald, President of BuzzBack Market Research. "Americans are worried, they've cut spending, and those reductions are not only dramatic in both the housing and automobile industries, keys to reviving the economy, but also in daily purchases such as groceries." Fitzgerald says the majority of those surveyed believe the economy will not turnabout in 2009.

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