There are many big changes people can make to save money - cut back on all entertainment, for example. But there are also a number of smaller things people can do to save money, and with the economy not yet turning around, it seems many Americans have opted for this approach. Almost two-thirds of U.S. (65 percent) adults say they are purchasing more generic brands to save money, slightly up from February when 63% said they were doing this.
These are some of the results of The Harris Poll of 2,227 adults surveyed online between June 14 and 21, 2010 by Harris Interactive.
Almost half of Americans (48%) say they are brown bagging lunch instead of purchasing it to save money, also slightly up from February when 45% said they were doing this. Two in five U.S. adults each say they have switched to refillable water bottles instead of purchasing bottles of water (39%) and are going to the hairdresser less often (38%). In February, one-third of Americans (34%) had switched to refillable water bottles to save money. Also, one-quarter (24%) have cut down on dry cleaning.
Looking at media habits, three in ten U.S. adults (31%) have cancelled one or more magazine subscriptions and just under one in five (17%) have cancelled a newspaper subscription. It's not just reading habits that are changing in these economic times, though. One in five Americans (22%) have cancelled or cut back cable television service while an additional 22% say they have considered doing so.
In addition to brown-bagging it, other work habits have also changed. One in five Americans (22%) have stopped purchasing coffee in the morning, while 12% have begun carpooling or using mass transit (but this is not applicable to 48% of Americans who may not be working or may not have the ability to carpool or use mass transit).
Phone service has also changed as 15% have cancelled their landline service and are only using cell phones, with an additional 22% saying they have considered this to save money. Cell phone usage is also changing as 15% say they have changed or cancelled cell service to save money, with an additional 17% of Americans saying they have considered doing so.
So What?
Americans are doing whatever it takes to cut back on spending. For some that means forgoing name brands for generics, for others it means letting their hair get a little longer before having it cut. What happens in the future with these small changes will be interesting to watch. It could be that once these numbers start going in the other direction, the economy has turned the corner. Or, as some economists are saying, the culture of saving and cutting back will remain after the economic recovery.
TABLE 1
SPENDING/SAVINGS OVER PAST SIX MONTHS
"Have you done or considered doing any of the following over the past
six months in order to save money?"
Base: All U.S. adults
Have not
Have Have done nor Not
Done Considered considered applicable
Purchasing more generic brands % 65 13 15 7
Brown bagging lunch instead of
purchasing it % 48 7 12 32
Switched to refillable water
bottle instead of purchasing
bottle of water % 39 9 21 30
Going to the hairdresser/
barber/stylist less often % 38 7 29 26
Cancelled one or more magazine
subscriptions % 31 4 24 41
Cut down on dry cleaning % 24 3 13 61
Cancelled or cut back cable
television service % 22 22 40 16
Stopped purchasing coffee in
the morning % 22 4 18 56
Cancelled a newspaper
subscription % 17 10 27 46
Changed or cancelled cell phone
service % 15 17 51 17
Cancelled landline phone
service and only using cell
phone % 15 22 42 22
Begun carpooling or using mass
transit % 12 8 32 48
Note: Percentages may not add to 100% due to rounding
TABLE 2
SPENDING/SAVINGS OVER PAST SIX MONTHS - TREND OF HAVE DONE
"Have you done or considered doing any of the following over the past
six months in order to save money?"
Percent saying "Have done"
Base: All U.S. adults
June Oct. Feb. June
2009 2009 2010 2010
Purchasing more generic brands % 62 64 63 65
Brown bagging lunch instead of purchasing it % 47 47 45 48
Switched to refillable water bottle instead of
purchasing bottle of water % 33 36 34 39
Going to the hairdresser/barber/stylist less often % 36 43 39 38
Cancelled one or more magazine subscriptions % 29 34 33 31
Cut down on dry cleaning % 20 22 22 24
Cancelled or cut back cable television service % 19 21 22 22
Stopped purchasing coffee in the morning % 15 20 21 22
Cancelled a newspaper subscription % 17 21 19 17
Changed or cancelled cell phone service % 14 15 17 15
Cancelled landline phone service and only using
cell phone % 11 12 15 15
Begun carpooling or using mass transit % 13 14 14 12
Note: Percentages may not add to 100% due to rounding
TABLE 3
SPENDING/SAVINGS OVER PAST SIX MONTHS - BY GENERATION
"Have you done or considered doing any of the following over the past
six months in order to save
money?"
Percent saying "Have done"
Base: All U.S. adults
Total Generation
Echo Gen. X Baby Matures
Boomers (34-45) Boomers (65+)
(18-33) (46-64)
% % % % %
Purchasing more generic brands 65 62 67 65 68
Brown bagging lunch instead of purchasing
it 48 54 57 53 19
Switched to refillable water bottle
instead of purchasing bottle of water 39 43 40 36 39
Going to the hairdresser/barber/stylist
less often 38 37 33 44 36
Cancelled one or more magazine
subscriptions 31 23 24 36 41
Cut down on dry cleaning 24 18 17 28 33
Cancelled or cut back cable television
service 22 20 19 29 16
Stopped purchasing coffee in the morning 22 25 22 22 16
Cancelled a newspaper subscription 17 12 17 19 24
Changed or cancelled cell phone service 15 15 18 18 7
Cancelled landline phone service and only
using cell phone 15 19 15 16 5
Begun carpooling or using mass transit 12 21 10 9 5
Note: Percentages may not add to 100% due to rounding