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62% Holding Back Spending
This could be a troubling sign for the upcoming holiday shopping season. It looks like retailers will need to continue to offer steep discounts in order to encourage consumers to spend. Americans between the ages of 50 and 64 are the stingiest (73% are holding back their spending). Those who are 65 and older are the freest spenders (just 48% are restricting their expenses).
Millennials are more than twice as likely as other age groups to say they're limiting their spending because they need to save more. Stagnant incomes are weighing most heavily on those over the age of 50.
"Stagnant income has kept a lid on spending, but also held back progress on saving – even though consumers increasingly recognize how important it is," said
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Telephone interviews were conducted by landline (500) and cell phone (500, including 305 without a landline phone) in English and Spanish by Princeton Data Source from October 1-4. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.8 percentage points.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/62-holding-back-spending-300158083.html
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