Overwhelming majority of consumers has cut costs - 10 Nov. 2009

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Not only companies and governments are cutting costs: an overwhelming majority of participants in a global web poll by the WageIndicator has indicated they are spending less money. 

Almost 75 percent of 10,000 participants from eleven countries indicated in most cases that they had been bringing down their expenditures over the past year, although there were slight differences between countries. 

The web poll was held over the past month. 

Relatively few on the web poll picked one of the big ticket items - holidays, cars or housing - as their main way of saving money. Holidays were picked by almost ten percent over the participants as a way to cut costs, while housing (2 percent) and cars (4 percent) helped only a smaller part of the participants to reduce expenditure. 

Food scored also low with about six percent, although here we saw most variation. In Guatemala 21 percent of the participants said they had been reducing costs of food, followed by Belarus (20%) and Columbia (18%). 

The Netherlands deviated from the other country as only 62 percent of the participants said they had been cutting costs. Columbia was the country where the highest percentage of participants (95%) said they had been cutting costs, followed by Mexico(94%). High scored here also the UK (83%), India (85%) and South Africa (89%). The message from a global audience is troublesome: they have been reducing cost over a wide range of products and that is bad news for the local economies in the surveys.  

 


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