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U.S. Consumers Continue Belt Tightening, Signaling A Persistent Sluggish Economy

March 15, 2011: 02:39 AM EST
A poll conducted by Harris Interactive has found that, despite signs of economic improvement, there has been no change in the saving or spending patterns of American consumers: they continue to economize, thanks to the psychological impact of the financial and housing crisis. Harris surveyed 3,171 adults online in February to obtain the  findings, which are virtually identical to results obtained in a similar poll last October. For example, 61 percent of adults are purchasing more generic brands now, compared to 62 percent in October. The findings suggest that the economy will remain sluggish over the next few months, Harris said. However, the survey found that people over 65 are less likely than younger generations to take economizing steps, e.g., going to a hairdresser less often or canceling cable TV.
"No Evidence of Economic Uptick In Reported Spending and Saving Behavior", Press release, Harris Interactive, March 15, 2011, © Harris Interactive
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