Survey: All Income

Levels Cutting Spending

A new survey found that 72% of respondents have made “significant spending cuts” due to the economy. While the hardest hit are people who earn $45,000 a year or less, as might be expected, 59% of those earning $100,000 or more say they’ve cut back too, the Associated Press reports.

The steps taken to save money most often involve shopping at more stores to get the best deal, said 49% of the people surveyed, and switching grocery stores, 35%. But while price is a major factor for 83% of respondents, 72% said that quality is also a top priority.

Forty-five percent of respondents said “better value” will remain among the most important features when shopping for food as the economy improves, and 36% said “lowest price overall” will stay on top. Just 8% said value will be less important, and 15% said lowest price will fade. Fifteen percent of all respondents said they think it is “very likely” their household income will rise by 20% in the next five years. Meanwhile, 45% said income is “not at all likely” to rise by 20% by 2014.

Even while they have cut back, however, consumers said there were certain things they won’t cut out altogether. Ten percent said they refuse to give up meat, poultry, fish and seafood. Four categories came in right behind that, with 8% saying they’re not eliminating alcohol and tobacco; coffee and tea; milk and juice, or household and laundry supplies.