Fairy Godmother Rachael Herrscher of Today’s Mama just sent us the following press release that I think we should all take a moment to read (but don’t get too depressed!) they ARE shopping online, taking advantage of sales and looking for deals:
Moms indicate they have made cuts to their monthly budgets and 62 percent will not shop on Black Friday
November 24, 2008 – TodaysMama.com <http://www.todaysmama.com> today announced the results of their 2008 Holiday Economic Survey, revealing that 85% of Moms across the United States are trimming their holiday budgets due to concern about the long-term economic outlook. Of those, 14% plan to cut holiday spending by an astounding 75%, and 32% will cut holiday spending by 50%. The survey, which included 1050 respondents, also found that 62% of Moms do not plan to shop on Black Friday, and 66% believe it will take two to three years for the economy to recover.
“We’ve all read about the economic woes our country is facing, but we wanted to get the Mom perspective,” said Rachael Herrscher, co-founder and CEO of TodaysMama.com. “Moms influence budgets and spending habits, and we find it very interesting that they believe the economy is in trouble for years to come. The situation is serious enough to cause them to trim overall family budgets, and to drastically reduce holiday spending this year.”
Key findings of the TodaysMama.com 2008 Holiday Economic Survey include:
85% of Moms surveyed plan to curb their holiday spending this year. 14% plan to cut holiday spending by an astonishing 75%, 33% will cut spending by 50%, 23% will cut spending by 25%, and 15% will cut spending by 10%. Only 9% of respondents said they would not be cutting spending at all this year.
63% of Moms indicated they would not be shopping on Black Friday this year.
89% of survey respondents plan to do at least some of tProxy-Connection: keep-alive
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ir holiday shopping online this year.
When asked how they would find the best holiday deals, 65% of respondents said they use all of the tactics listed, which include shopping online, holding out for last minute sales, taking advantage of early sales and offers, and paying close attention to ads and mailers.
47% of Moms have made minor cuts to their current monthly budgets. 26% have made major cuts, and 13% indicated they are in need of supplemental assistance.
45% of Moms say their home has lost value due to the current economy.
23% of Moms surveyed said they have returned to work either full or part-time due to the economy. Another 7% said they have had to get a second job to make ends meet. Regarding the effect the incoming administration will have on the economy, 37% of survey respondents said they are unsettled since Barack Obama was not their top pick. 29% believe Barack Obama will make a real different for the economy, and 28% believe any change is good. 66% of Moms believe the economy will take two to three years to recover. 18% believe things will start to look up in a year, and 13% believe “we’re in for it” for the foreseeable future.
“Moms are spending less this year, and they are worried about our economic future,” said Herrscher. “TodaysMama aims to help families find free or inexpensive holiday events to take advantage of in their local communities. Despite a slowing economy, the holidays can be about fun activities, family time, and service.”
