Economic Slowdown Affecting American Spending Habits

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    The current long recession is changing American spending behavior.

    Based on Bureau of Labor Statistics data from 2007 and 2010, Americans have reduced expenditures on luxury items (restaurants and clothes) and more on essentials (healthcare, fuel.)  The data shows that consumer spending by family unit declined by 3% to $48,109, while average prices over the same period rose 5.2%.  As a result, real incomes fell by about 8%.

    Americans changing their spending habits
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    Chuck Epstein has managed marketing communications and public relations departments for major global financial institutions and participated in the launch of industry-changing financial products. He also has written by-lined articles for over 50 publications, five books and served as editor and publisher of nation’s first newsletter on the topic of using the PC for personal investing and trading. (“Investing Online, 1994-1999). He also is a marketing consultant, writer and speaker on topics related to investor protection and opportunities in the very dynamic cannabis industry. He has held senior-level marketing, PR and communications positions at the New York Futures Exchange, Chicago Mercantile Exchange, Lind-Waldock, Zacks Investment Research, Russell Investments and Principal Financial. He has won national awards from the Mutual Fund Education Alliance (MFEA) and his web site, www.mutualfundreform.com, was named best small blog in 2009 by the Society of American Business Editors and Writers (SABEW).

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