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Anxiety Over Economy Curtails Consumer Spending

December 8, 2008

Anxiety, insomnia, fear—that’s what women say they feel today, showing that this group has been drastically affected by the economic downturn both in their spending habits and their psychological well being, according to a survey by In the survey of more than 100 women, 75% of respondents indicated that on a scale of 1 (not at all) and 10 (extreme), their anxiety about the economy rated a 6 or higher, with 20% choosing 8 and 21% choosing 9.

What worries women most? In a nutshell everything, said Answers ran the gamut from affording groceries and other staples like gas (25%) to a wide variety of fears, such as: “losing what took so long to acquire,” job loss, “keeping my husband’s and my businesses,” making credit card payments, and a general fear for the country’s future, such as the “destruction of economy,” “things getting worse in the country and it affecting me,” and “the state of our country and how we are leaving it for our children.”

A vast majority of women (83%) reported that their spending habits have been affected. It’s hitting women and their families everywhere, from having to take on second jobs or work more hours or scrimp on basics. Yet the study found that even with the downturn in the economy, women are still willing to make small purchases to treat themselves and give themselves a boost. And it appears beauty products beat chocolate and lingerie. In response to the question, “In this economic downturn, what small purchase most comforts you?” respondents answered: Beauty products (18%); manicure/pedicures (18%); chocolate (16%); new shoes (10%); and lingerie from Victoria’s Secret or Gap Body (3%). More info: www.
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