Economy a major factor in consumer decisions
Job loss and other financial woes forcing people to postpone major life eventsThe wedding industry, like car manufacturers and other sectors of the economy, is suffering as consumers make life-altering decision about their spending habits.
According to a survey by FindLaw.com, one in 10 Americans is postponing marriage due to concerns over the economy. In fact, so many people are worried about job security, savings and retirement funds that 18 percent are delaying major life decisions.
The effect is magnified among the younger generations. FindLaw reports that 40 percent of people between the ages of 18 and 34 are delaying marriage, divorce or having kids.
One earlier survey said that some people are postponing medical procedures due to their financial situation. This begs the question, are people also considering dropping auto insurance, health coverage or renters insurance to save a few bucks?
Before doing so, consumers should consider the expenses they could incur without insurance and perhaps look at comparable insurance quotes on the internet ahead of abandoning coverage altogether.
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Posted: June 10, 2009
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