Reuters Blogs

Shop Talk

Retailers, consumers and prices

16:48 November 18th, 2008

Drift to thrift

Posted by: Lisa Baertlein
Tags: Shop Talk, , , ,

As the economy founders and the ranks of unemployed grow, shoppers are embracing their inner thrift.

According to a new survey of 1,500 U.S. adults from WSL Strategic Retail, 52 percent of respondents agreed with this statement: “I’m proud of all the little ways I’ve found to save money.”

More than half of the participants were using more coupons and reading store circulars more closely. Sixty-two percent said they are more likely to wait for a sale before making a purchase.

Home cooking is back in fashion and so are leftovers — a trend supported by strong sales at companies like Kraft and weak sales at restaurants.

More than half of women polled said they were avoiding stores where they tend to overspend.

When its comes to paying the bill, 35 percent of the shoppers said they were less likely to use credit cards to pay for purchases. On the other hand, some said their credit cards were helping them get from paycheck to paycheck. So, it follows that 24 percent of respondents said they owe more on their cards than a year ago.

The money saving tactics go beyond stores. The survey also showed that people are doing more housework, from cleaning to gardening.

“True thrift is the intelligent use of time and money and we see it becoming a major trend to survive in these trying times … and likely a longer-term change in culture,” WSL said.

What’s your thrifty tip?

(Reuters photo)

One comment so far

Being a young man living in a city, I find myself going out with friends quite a bit. Whether it’s for dinner or drinks, it really ads up quickly.

Recently, instead of going out, I’ll have people over for dinner parties as a way to keep my social life active while saving money at the same time.

I also wait for the weekly grocery fliers to come out and plan my eating for the week by what’s on sale. Many of the stores send me the fliers electronically so it’s very convenient.

I am very cautious when I am shopping for goods as well, I ran across this video from ABC that shows how liquidation sales may not be all they’re cracked up to be.

http://cosmos.bcst.yahoo.com/up/player/p opup/index.php?rn=222561&cl=10832850&ch= 224106

Hope this helps!

Johnny

- Posted by Johnny

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