Datahead: The reality of the financial consumer
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Previous related stories from The Financial Brand:
- What Gen X, Gen Y think about their financial situation
- Women vs. men: Two different perspectives on money
- Datahead: Facts from around the financial industry
- Datahead: Brand more important than rates, products
Tags: credit card, debt, foreclosure, savings
June 16th, 2009 at 3:27 pm
A couple of reactions to your data points:
– 32% say reduced spending is the “new normal’? Yeah, we’ll see. Lots of people start each saying they’re going to stop smoking, lose weight, etc. That doesn’t stick either. Let’s see what happens when the economy comes back and this 32% has more money in their pockets.
–2900 families lose their home every day. Would like to get more info about that stat. Does that include losing home to fires? Let’s keep in mind that w/ roughly 115 million households in the country, we’re still talking about less than 1% of all HH.
June 16th, 2009 at 5:57 pm
The perpetual problem with predictive market research like this — indeed the problem with people themselves — is that people don’t always do what they say. What these people are probably really saying is something more like, “I really mean to spend less in the future, but we’ll see.”
Also, if you ever want to look at the source of these data points, you can just click on the image.
June 18th, 2009 at 6:42 pm
I think reduced spending will be considered the norm. A lot of folks haven’t experience this type of economy in their lifetimes. Emotion is one of the greatest factors in decision-making. Fear is the emotion that a lot of people are feeling right now. This emotion is something that is not easy to forget. The fear of uncertainty will remain for years as this recession continues. A lot of hope has been deflated from the United States and outside the U.S. I think changed behavior is here to stay.