Shoppers of all incomes are changing habits - 0 views
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Tana Monk on 07 Nov 13This article talks about how shoppers change their spending habits during the recession in America. 83% of survey respondents say that price is a major factors. They have taken different steps in cutting back on elastic goods like: Switching grocery stores, buying less clothes or not branded clothes. However, shoppers did not cut back on certain goods like meat and seafood, milk, coffee, and alcohol. That is because they are necessary inelastic goods. So even with a lower Income elasticity, people still have to buy inelastic goods.