WASHINGTON DC (CNN)– A new national poll indicates that six in ten Americans postponed a major purchase such as appliances or furniture over the past six months.
Sixty-two percent of people questioned in a CNN/Opinion Research Corporation survey released Wednesday morning say they’ve postponed a major purchase. That’s up 10 points from December, during the height of the Christmas shopping season.
“Think increased consumer spending will rescue the economy? Think again,” says CNN Polling Director Keating Holland. “Cutbacks in major purchases are the same for rich as well as poor Americans.”
The poll also suggests just how hard times are for many households. One in three respondents said they’ve cut back on necessities such as food or medicine over the past six months due to changes in the economy.
“That hits lower-income households the hardest: a majority of those making less than $25,000 a year say they have cut back on food or medicine. But even a quarter of those making more than $50,000 say they have had to cut back on necessities,” adds Holland.
Nearly six in ten people questioned also say they’ve cut back on purchasing clothing over the past six months because of the recent changes in economic conditions.
The CNN/Opinion Research Corporation poll was conducted Thursday through Sunday, with 1,019 adult Americans questioned by telephone. The survey’s sampling error is plus or minus three percentage points.