American consumers are reducing their total spending, with 55% cutting spending by 10%-20%, 25% cutting by 30%-40% and 20% cutting spending in half, per the results of new survey of more than 1,000 consumers by Survata that was shared on the company’s blog.
Despite cutbacks, surveyed consumers said they preferred to spend on name brand products across many categories as opposed to private labels. For instance, 61% said they choose name brand cleaning products, 58% prefer name brand packaged foods, 57% favor name brand frozen foods and 54% say the same for name brand soda and coffee.
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