PRESS RELEASE: Consumers Switch To Cheaper Brands To Get Through Recession
Source: 2020 Research
Published: 30 June 2009

As the recession continues to bite, 60% of consumers say that it has prompted them to switch to cheaper brands. Research conducted by independent market research agency 2020 Research shows that:
63% are spending less on eating out
59% are spending less on clothes
46% are spending less on drinking
38% are spending less on food
8% have cut back on insurance policies

43% say that they have already been forced to eat into their savings to get through the recession. The impact of the recession on savings is likely to continue for the rest of this year and into the early part of 2010, so the current economic downturn is likely to have a lasting long-term impact on the level of personal savings for many people.

Technical details
• Research is based on the 2020 Research “Monthly 10” online research panel, comprising UK adults aged 16+.
• Fieldwork was conducted between 22-29 June 2009.
• Each month the panel is asked to answer 10 questions on current issues and topics.
• Questions may be placed on the panel for £300 + VAT.
• For more information about the panel, contact bpeters@2020research.co.uk