War Affecting Consumer Spending Plans
According a survey from InsightExpress and Universal McCann, US consumers are spending considerably less on certain everyday items like home electronics, household appliances, and in-home media entertainment considering the state of the economy and the threat of war with Iraq.
US Consumers Spending LESS on Everyday Items, March 2003 (% of respondenrts)
| Going to movies | 42% |
| Eating out at fast food restaurants | 41 |
| Home electronics | 37 |
| Alcoholic beverages | 36 |
| Eating out, casual dining | 35 |
| Household appliances | 35 |
| In-home media entertainment | 32 |
| Home improvement or repair | 30 |
| Favorite activity or hobby | 26 |
Source: Universal McCann, Insight Express March, 2003
InsightExpress surveyed 300 people in the US during mid-March 2003. The survey also determined that 50% of respondents think it is currently a bad time to look for a job. Indeed, many employers are also waiting for economic and political changes before they begin hiring again. According to a New York Times Job Market survey in the New York metro area, 46% of hiring managers are waiting for better stock market performance to hire new employees and 45% are waiting for US government intervention to improve the economy.
Factors New York Based Employers Say Will Greatly Influence Their Decision to Hire New Employees in 2003 (% of respondents)
| Increase in sales volume | 67% |
| Increase in consumer spending | 56 |
| Improved stock market performance | 46 |
| Government intervention to improve economy | 43 |
| Reduced health care costs | 38 |
| Increase in capital spending | 38 |
| Decrease in costs of purchased goods | 36 |
| Greater stability in International affairs | 34 |
| Decrease in oil price/energy costs | 32 |
Source: New York Times, December, 2002
JACK LOECHNER
Center for Media Research
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