A little sun just went out of summer: When it comes to all of its most delicious rituals—including food and family vacations—more consumers are cutting back than last year, and are more
apprehensive about the economy.
That's the latest from SymphonyIRI, which polled 1,000 adults about their summer spending plans. "Last year, the economy was inching in the right direction, and
people had a sense that it would recover more smoothly," Susan Viamari, Editor of SymphonyIRI's Times & Trends, tells Marketing Daily. "Then when that didn't happen, wallets started
closing—folks are emerging as a lot more conservative."
In some areas, the changes are most noticeable among lower-income families, "who were already living paycheck to paycheck when we
entered the recession, and were then hit with rising prices and lost jobs," she says. Among households earning $35,000 or less per year, 57% plan to spend significantly less or not spend any money on
vacations in 2010, a 15-point increase from 2009. In others, high-income families—those earning $100,000 or more—lead the way; for example, more affluent families are most likely to seek
out deals on their favorite brands.