July 31, 2009
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News: Americans Skip the Lunch; Keep the Car
The Netherlands based ING Direct partnered with TNS in a recent marketing research project comparing various country's consumer credit card spending habits in the current economic environment. ING Direct is a global financial institution that offers banking services, investment opportunities, life insurance products, and retirement services. TNS the world's largest marketing research firm conducted the survey which confirmed that consumers from all eight countries surveyed are tightening their belts. Results also indicate that Americans are more concerned about cutting cost and reducing credit card spending. A whopping 46% of American respondents reported reducing their dependence on credit cards while increasing savings.
Eating out was a major category in reducing credit card spending for Americans. While 51% have switched to bringing lunches to work, only 17% of the Italians and 11% of the Germans have done so. Although many Americans were willing to cut card spending by giving up eating out for lunch, 30% of them said they were less willing to sacrifice their automobiles. Pets are also very important to Americans. Of all those polled, 22% of the Americans, 15% of the French, and 12% of the Italians would not give up their pets. These numbers might increase when pet lovers learn of new Visa PetRewards credit card offered by Bank of America and Hill's Pet Nutrition.
American marriages are also suffering as a result of the recession. Economic difficulties have affected 29% of American marriages; the highest number of any other country surveyed. The numbers are not surprising when you look at the enormous pressure Americans have been living with. In the wake of the recession, unemployment is expected to escalate to record breaking highs, credit card defaults have already reached over the top numbers. While consumers blame the financial industry for deceptive and unfair practices, the financial industry blames the consumers' callous spending.