“The Age of Frugality”
The October 20 edition of BusinessWeek (U.S.) includes a prominent mention of Booz & Company’s recent Consumer Spending Survey that showed consumers are cutting costs and tightening their belts in response to the current economic slowdown. In a survey of nearly 1,000 households, Booz & Company researchers found that 43 percent of respondents said they are eating at home more and that 25 percent were cutting spending on hobbies and sports activities. And in both cases, consumers said they would continue doing so even when the economy improves.