A word from the ladies....

or more specifically, Moms:

Moms Shape New Culture by Cutting Back

According to a recent report by the allen & gerritsen (a&g) audience intelligence department, 80% of online mothers in the US say most Americans have been encouraged to overextend themselves, while 58% think the average American is too greedy.

Because moms manage the household (which means their behaviors drastically impact sales) and they teach and enforce family values (which means they are as influential in shaping our culture as is the media), a&g surveyed moms to understand just how the economy is affecting their purchase behaviors and economic outlook. The study reveals that most moms believe that cultural trends that demonstrate a belief that Americans deserve to regularly indulge, contributed to the financial crisis we are in.

But, says the report, the pendulum has begun to swing the other way, with moms taking the lead. In this countercultural trend, moms see themselves as shunning greed and are putting family needs before their own.

Moms are looking for ways to rein in their household finances, with 65% of moms surveyed eliminating purchases that are not absolutely necessary, and 52% cutting back in general. 71% say they have made more sacrifices this year than last.

Household Finance Changes Moms Made in 2008
Change	% of Respondents (multiple response OK)
New source of income	29%
Cut back spending	52
Eliminated unnecessaries	65
No changes	12
Source: Allen & Gerritson, October 2008

Though 71% of moms report they have made more sacrifices this year than last, childcare and medical needs will not be compromised. More of these moms blame the government (not enough oversight or regulation) for the economic crisis than blame the banks (32% vs. 16%).

Parties That Moms Feel Responsible for Collapse of Financial Institutions
Responsible Party	% of Respondents
Government	32%
Everyone	27
Banks	16
Individual borrowers	6
Corporations	6
Wall Street	3
No one	3
Investors	1
All other	7
Source: Allen & Gerritson, October 2008

In addition:

• 94% of moms say it is more important to seek regular medical care for their families than themselves.
• 62% of moms say they are less greedy than the American average.
• 51% of moms say don't see the economic situation improving within the next year.

Catherine Kolodij, VP, audience intelligence director at a&g, summarizes by saying "For the last few years, there have been a number of cultural trends that demonstrate the idea that Americans deserve to indulge, buying bigger homes and better cars and other luxuries. Most moms believe this culture contributed to the financial crisis we are in... "

Please visit allen & gerritsen here to obtain the complete PDF file, including charts.

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