Fort Washington, PA (PRWEB) December 10, 2008
TRiG poll finds the general population and multicultural segments view the state of the economy differently. Despite that most Americans plan on staying home, enjoying home-cooked meals and home entertainment, given the troubles with the economy, the multicultural population has a more positive outlook. The survey reveals that a significant percentage of African-Americans, Asian-Americans and Hispanics feel more positive about the direction of the economy than the general population where less than five percent of the American public feels the current economic environment is good for them.
In a recent study conducted by The Research Intelligence Group (TRiG), shortly after the US presidential election, Americans overwhelmingly expressed that they must be more cautious on spending their money. This wary sentiment rang true regardless of respondents' race, ethnicity, income, gender, region, and age. However, when asked about holiday spending, 7% of the public plans on spending more than normal this time of year, while 20% of African-Americans say they will. This is nearly twice as much as other multicultural groups. Regarding the direction of the economy, most Americans are pessimistic or feel it is soon after the election to tell, with 20% saying they feel positive. Conversely, 33% of African-Americans, 27% of Asian-Americans and 26% of Hispanics feel positive about its direction.
The areas to be impacted the most by reduced spending include eating out at restaurants, entertainment, and holiday shopping. Telephone service and cable/satellite television services are least likely to be impacted by reduced spending with the majority of those surveyed indicating no changes planned for the next year. Regarding cell phone plans, 9% of Hispanics indicate they will spend more versus 4% for the general public. Fewer than one out of ten indicated they would be spending more on any category, with the exception of food/groceries where nearly a quarter of US households indicated they expected to increase spending in the coming year. However, only 11% of Hispanics plan on spending more in this category with 40% planning on spending less. Twenty-seven percent say they will contribute less to their investments; not surprising given the recent volatility in the stock market.
TRiG's multicultural expert, Steve Moylan, expressed that these findings are not a surprise. As pointed out by Steve, "The election of Barack Obama presents an interesting dynamic to the attitudes and aspirations of the multi-cultural community, given his multicultural background, and how this plays out with a more positive outlook. Also, multicultural segments, especially, embrace the holiday season and are more willing to spend. We also see differences in spending among individual multicultural groups because they do not behave in a monolithic fashion."
For additional information on TRiG Poll, contact Steve Levine at 215-643-8608. TRiG, also known as The Research Intelligence Group, is an innovative full-service marketing research agency based in Fort Washington, Pennsylvania. (http://www.trigsite.com)