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Consumers Cutting Back by Buying Generics

If you're looking to attract more customers these days, you may need to find a lower-priced alternative to your traditional product offerings.

Americans are doing with a lot less these days and restaurant lunches, trips to the salon and magazine subscriptions are on the top of the chopping block. Buying generic products has also gained in popularity. During the past six months, 62 percent of shoppers said they've been steering clear of name-brand items and snagging cheaper alternatives, according to market-research firm Harris Interactive, which surveyed more than 3,000 people in mid-October.

It’s just one way Americans are trying to save money . Others cutbacks by Americans of all ages include:

  • Packing a lunch: 45 percent
  • Going to hairstylists or barbers less often: 37 percent
  • Using refillable water bottles: 37 percent
  • Canceling magazine subscriptions: 27 percent
  • Stopping cable TV service: 22 percent
  • Cutting back on dry cleaning: 21 percent
  • Axing newspaper subscriptions: 17 percent
  • Ending cell phone service: 17 percent
  • Carpooling: 14 percent

Perhaps as telling as any stat: Some 22 percent of respondents said they are avoiding buying that morning cup of coffee.

Reach BusinessNewsDaily staff writer Brian Anthony Hernandez at Bhernandez@TechMediaNetwork.com. Follow him on Twitter (@BAHjournalist) and become his friend on Facebook (BAH Journalist) to interact or stay updated on news about small businesses.