Spiraling Economy Has Consumers Cautious

With the economy continuing to struggle, consumers have tightened their purse strings and opted for practicality over discretionary when it comes to spending. According to the latest American Pulse Survey from BIGresearch, which surveyed 4,055 Americans, 61.7 percent said they’re dining out less to cope with the current economic environment. Here are some more noteworthy findings of the survey.

* 57.3 percent of respondents have also cut back on their driving;

* 47.4 percent are attending fewer movies;

* 46.1 percent are forgoing department stores for discount retailers;

* 45.3 percent are cutting back on their vacation budgets;

* 67.9 percent say gas prices have affected their budgets the most, followed by groceries (47.2 percent), home heating and cooling costs (46.8 percent), and taxes (36.1 percent);

* 50.3 percent report having negotiated for better prices on products other than a home or vehicle due to the current economic situation; and

* the products/services consumers say they haggle the most on for better prices include tires/batteries/auto repair (38.6 percent), followed by appliances (37.3 percent) and electronics (37.2 percent).