Thought I’d share our latest press release:
TodaysMama.com Survey Reveals 85 Percent of Moms Plan to Cut Holiday Spending Due to Economic Conditions
Moms indicate they have made cuts to their monthly budgets, and 62 percent will not shop on Black Friday
November 24, 2008–TodaysMama.com today announced the results of its 2008 Holiday Economic Survey, revealing that 85 percent of moms across the United States are trimming their holiday budgets due to concern about the long-term economic outlook. Of those, 14 percent plan to cut holiday spending by an astounding 75percent, and 32 percent will cut holiday spending by 50 percent. The survey, which included 1050 respondents, also found that 62 percent of moms do not plan to shop on Black Friday, and 66 percent believe it will take two to three years for the economy to recover.
“We’ve all read about the economic woes our country is facing, but we wanted to get the mom perspective,” said Rachael Herrscher, co-founder and CEO of TodaysMama.com. “Moms influence budgets and spending habits, and we find it very interesting that they believe the economy is in trouble for years to come. The situation is serious enough to cause them to trim overall family budgets and to drastically reduce holiday spending this year.”
Key findings of the TodaysMama.com 2008 Holiday Economic Survey include:
- 85 percent of Moms surveyed plan to curb their holiday spending this year.
- 14 percent plan to cut holiday spending by an astonishing 75 percent, 33 percent will cut spending by 50 percent, 23 percent will cut spending by 25 percent, and 15 percent will cut spending by 10 percent.
- Only 9 percent of respondents said they would not be cutting spending at all this year.
- 63 percent of moms indicated they would not be shopping on Black Friday this year.
- 89 percent of survey respondents plan to do at least some of their holiday shopping online this year.
When asked how they would find the best holiday deals, 65 percent of respondents said they would use all of the tactics listed, which include shopping online, holding out for last-minute sales, taking advantage of early sales and offers, and paying close attention to ads and mailers.
- 47 percent of moms have made minor cuts to their current monthly budgets. Twenty-six percent have made major cuts, and 13 percent indicated they are in need of supplemental assistance.
- 45 percent of moms surveyed say their home has lost value due to the current economy.
- 23 percent of moms surveyed said they have returned to work either full- or part-time due to the economy.
- Another 7 percent said they have had to get a second job to make ends meet.
Regarding the effect the incoming administration will have on the economy, 37 percent of survey respondents said they are unsettled since Barack Obama was not their top pick. Twenty-nine percent believe Obama will make a real difference for the economy, and 28 percent believe any change is good.
66 percent of moms believe the economy will take two to three years to recover. Eighteen percent believe things will start to look up in a year, and 13 percent believe “we’re in for it” for the foreseeable future.
“Moms are spending less this year, and they are worried about our economic future,” said Herrscher. “TodaysMama aims to help families find free or inexpensive holiday events to take advantage of in their local communities. Despite a slowing economy, the holidays can be about fun activities, family time, and service.”
TodaysMama.com offers holiday articles, tips and tricks, local calendars, and activities in 18 national markets. To tune into national content, or to find your local TodaysMama.com market, visit www.TodaysMama.com. For complete survey results, email pr@todaysmama.com.
This entry was posted on Monday, November 24th, 2008 at 2:35 pm and is filed under Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.Leave a Reply
