How the Current Economic Recession Affects Household Budgets www.momcentralconsul.ng.com March 2009
HowtheCurrentEconomicRecessionAffectsHouseholdBudgets
www.momcentralconsul.ng.com March2009
Weimplementsocialmediatechnologytoac<vateandengagetheMomcommunitybothonlineandoffline.
MomCentralConsul<ng:thepremierconsul<ngandsocialmediafirmwithexper<seandfocusonMoms.
Ourvisiontest:WillthismaketheworldbeHerforbusyMomsandtheirkids?
WhoWeAre
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InMarch2009,MomCentralConsul.ng(MCC)surveyednearly1200MomsacrosstheUnitedStatesabouttheimpactoftherecessionontheirfamilies.MCCrecruitedMomsfromourcommunityandanetworkofcontacts.
1197Momscompletedanonlinesurveyof24ques.ons,focusinghowAmericanfamiliesaredirectlyimpactedbythecurrenteconomicrecession.Thesefindingsilluminateinthesetougheconomic.mes,Momsfacenewexpecta.ons,increasingly.ghtenedbudgetsandchangingvalues.
Introduc.on
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o MomsarecuJngback:• Nearly¾ofMomsarecuJngbackspendingontheirchildren,while26%aresaythey’remakingsignificantcuts.
o Momsareteachingfiscalresponsibility:• 24%ofMomssaytheirchildrenthinkthatmoney“growsontrees”,while50%saytheirchildrenbelievetheirchildrenknowtheirparentsworkhardtoprovideforthem.
o Momsarestressedandanxiousinthesedifficulteconomic<mes:• 32%ofMomsareworriedabouttheeconomyortheirjobstability.
Forfullstudyresults,ortolearnmoreaboutMomCentral’sResearchCapabili.espleasecontactTraceyHope‐[email protected]
WhereMomsarecuJngback:Momscutspendingacrossmostareas,withextraslikeea.ngoutandtravelseeingthemostcuts.
84%nolongereatout
76%don’tbuynewitemsforthemselves
57%stoppedgoingtothemovies
56%forgoextravagant
giXs49%havecut
backongroceries
37%nolongertakebigfamily
vaca.ons
49%havecutbackontake‐
out
Inthesetougheconomic<mes,Momsfacenewexpecta.ons,.ghtenedbudgetsandchangingvalues.
HowDoMomsSaveMoneyandTightenBudgets?
Q9: Given the economic recession, which of the following have stressed you most??
9%
17%
20%
20%
29%
44%
56%
66%
0% 10% 20% 30% 40% 50% 60% 70%
Collegetui.on
Collegesavings
Carpayments
Clothes
Medicalbills
Grocerybills
Housebills
Tryingtosavemoney
Stressandanxietyindifficulteconomic<mes:Tryingtosavemoneyandhousebillswerethetopstressorsfor
Momssurveyed.Nearly44%ofMomssurveyedindicatedpayingforgrocerieswastheir#1stressor.
71%
73%
75%
80%
81%
83%
84%
Workingtoearnspendingmoney
Appreciatethevalueofadollar
Usingcoupons
Waystohavefunthatarenotexpensive
Recyclingordona.ngolditems
Learningtoappreciatewhatyou’vegotinsteadofwhat
youwant
Learningtosave
Q1: Which of the following do you consider key to teaching your child about fiscal responsibility?
WhatareMomsTop7KeyHabitstoLearningFiscalResponsibility?ThemajorityofMomssurveyedcountteachingchildrenandteenstosaveandmakesmartpurchasingdecisionsaskeyelementsoffiscalresponsibility.
9%
23%
49%53%
72%81%
Givethemadebitinsteadofacreditcard
Encouragethemto
carpool,walk,usepublic
transporta<onandbikeriding
more
Openasavingsaccountfor
them
Rentmoviesathometowatchwithfriends
insteadofgoingout
Shopatdiscountstores
overdepartment
stores
Encouragethemtogo
priceshoppingbeforebuyingsomethingsotheygetthebestvalue
Theeconomiccrisisisaffec.ngchildrenaswellasadults,butplentyofparentsneedhelpinfiguringoutwhat,orhowmuch,totalkwiththeirchildrenabout.
HowAreMomsTeachingTheirTweensandTeensFiscalResponsibility?
HowdoMomsChooseProductsWhenGroceryShopping?
• 99%ofmomssome.mesreadtheingredientlabelsofthebeveragestheyintendtopurchase,with57%ofmomsdoingsoallthe.me.
• 98%ofMomsbelievechildrenbenefitfromea.ngmealsatthetablewiththeirfamiliesonaregularbasis.
• And61%ofMomsdositatthetabletogetherwiththeirfamiliesformealseveryday.
• 86%ofmomsconsideredlowsugarcontenttobeanimportantfactorwhenmakingfamilyfoodpurchases,with60%rankingitthemostimportantfactor.
• 84%ofMomsareconcernedabouttheuseofgrowthhormones,pes.cides,herbicides,andfer.lizerinthefoodstheyeat.
• 84%ofMomspurchaseorganicproductsatleastsome.mes.
• 82%ofMomsthinkitisimportanttoteachtheirchildrenabouthealthyea.ng.
Compila.onofresearchresultsbasedonpreviousMCCResearchsurveys.
HowDoMomsChooseOrganicProductsWhenGroceryShopping?
• 68%ofMomssaybeingatotally“green”familyisdifficult.
• 66%ofMomswillpurchaseorganicfoodsiftheyareconvenientlyavailableintheirusualgrocerystorebutcostiss<llanissueforsome.
• Only32%ofmomstrustcompaniesandbusinesseswhentheytellthemtheyare“environmentallyfriendly.”
• Whileonly31%ofMomsarenotconfusedbydifferent“green”labels,82%ofMomsknowwhat“organic”means.
Compila.onofresearchresultsbasedonpreviousMCCResearchsurveys.
WhoDidWeTalkTo?Age 20–29 16% 30–39 50% 40–49 27% 50+ 7%
NumberofChildren 1Child 20% 2Children 42% 3Children 24% 4Children 8% 5orMore 6%
AgesofChildren 0to3years 57% 4to9years 76% 10to15years 51% 16to18years 15% Grown 13%
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MaritalStatus Married 85% CommonLaw/Partner 6% Single 4% Divorced/Separated 4% Widowed 1%
WorkStatus StayatHome 49% Full‐.me 28% Part‐.me 20% Student 2%
Region NewEngland 12% Mid‐Atlan.c 15% South 27% Midwest 27% West 13% Southwest 6% IliveoutsidetheU.S. 1%
Neighborhood Suburban 59% Rural 25% Urban 17%
Educa<on H.S.Diploma 17% SomeCollege 29% 2YrAssoc. 11% 4YrDegree 31% GradDegree 12%
Race Caucasian 89% Hispanic 4% Asian 3% AfricanAm 3% Other 2% Na.veAm 1%
Forfullstudyresults,ortolearnmoreaboutMomCentral’sResearchCapabili.espleasecontactTraceyHope‐[email protected]
research+revolu<on=r2AspecializedresearchteamfromMomCentralConsul<ngmeasuresandiden<fieshowMomstalkaboutbrands.
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OurexperiencedMomresearchteamdeliverstheinsightsyouneedtocreatetargetedbrandstrategiesandword‐of‐mouthcampaigns.
Morethan80,000Momspar.cipateinournetwork.Theironlineandofflineconversa.onsframeourresearchstrategies,allowingyoutomeasurepassionateMomenthusiasm,iden.fyinsighiulMomtrendsandtapintotargetedMomnetworks.
Commijedtoamorethoughiul,moreinnova.veapproachtounderstandingtoday’sMoms,r2revealsrelevantmarketdrivers,capturesMomadvocacyandac.vatespowerfulMomNetworks.
Forfullstudyresults,ortolearnmoreaboutMomCentral’sResearchCapabili.espleasecontactTraceyHope‐[email protected]
ForMoreInforma<on
Ifyouhaveanyques.onsaboutthisreportorifyouwouldlikeaddi.onalinforma.onaboutourresearchcapabili.es,pleasecontact:
TraceyHope‐RossVicePresidentofResearchMomCentralConsul.ng
617‐244‐[email protected]:@thopeross
MeganMcManamanResearchManager
MomCentralConsul.ng617‐244‐3002
[email protected]:@megz79
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