In the Fall of 2009, consumers were asked to indicate how their long-term attitudes and behaviors have changed toward spending, savings, borrowing, and investing given the economic and financial market conditions in the last 18 months. 

The research details that consumer households have clearly changed their long-term attitudes and behaviors toward their spending as six out of 10 (63%) of all households indicated that they are spending less. 

Over one-third (37%) of all household reported that they are borrowing less.  In contrast, three out of 10 (31%) indicated that they are saving more. 

Such expressed attitudes do not bode well for a consumer-led economic recovery.

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About RFG’s national consumer research

Financial institutions receive national consumer research through RFG’s Strategic Planning Study Group (SPSG), a marketing research program consisting of semi-annual consumer surveys on current industry topics derived from RFG’s research process.

Based upon 1,155 survey responses of a randomly drawn sample of members of a nationally representative direct mail panel, the consumer responses used in this study were weighted to reflect the nation’s demographic composition. The study’s confidence interval for any proportion gathered in the survey is in a range of 1.7% to 2.9% at the 95% level of confidence.

For more information about RFG’s national consumer research, visit www.raddon.com/spsg.

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