Economic Downturn Triggers Consumer Change in Financial Behavior
As the economy plummeted over the course of 2008, many American consumers expectedly responded by changing the way they manage their finances. To provide insight into this trend, Nielsen Claritas conducted a recent analysis of the Nielsen Claritas Market Audit- the nation’s largest primary market research study regarding household financial behavior.
This report shows how consumers have looked for safer places to keep their money, even if it meant a trade-off of lower interest rates. In saving more conservatively, they are also cutting back on spending as they ride out the storm until their retirement accounts bounce back.