Known for bringing modern punk and new wave fashions into the mainstream, English fashion designer and businesswoman Vivienne Westwood is quoted for saying: “I’m frugal. I’m not a very acquisitive woman. I never waste food. If you prepare your own food, you engage with the world, it tastes alive. It tastes good.”

According to a recent survey by Channel Media Group, U.S. consumers also are valuing frugality — amidst ongoing economic challenges.

“In today’s economic climate, rising costs and stagnant wages have made consumers more selective about their spending,” said Michelle Borczuch, senior account director at Channel Media Group, in a statement. “To overcome these challenges, it is essential for businesses to attract customers with compelling offers that not only draw them in but also leave a lasting impression. By delivering exceptional experiences and showcasing the unique qualities of your brand, you can foster customer loyalty and create long-term relationships.”

Channel Media Group collected 2,075 responses from around the country sharing their views on spending habits, economic outlooks, and what influences purchasing decisions.

The following are key findings from the survey:

Consumers actively are adjusting their purchasing strategies to manage costs. Fifty-nine percent are actively seeking special offers and coupons, 51% are cutting back on non-essential purchases, and 47% are opting for lower-cost alternatives.

The most impacted categories include food and dining at 57%, apparel at 45%, and entertainment at 35%, according to Channel Media Group. Notably, nearly 97% of consumers report using coupons or discount codes, highlighting the critical importance of value-driven promotions in purchasing decisions, it says.

Meanwhile, 74% of consumers are dining out less frequently, and 64% are purchasing fewer on-the-go beverages. Despite this, brands have a clear opportunity to capture consumer interest: nearly 95% of respondents say that special offers could influence their decision to dine out or purchase beverages, the company notes.

The following are additional highlights from Channel Media Group’s national consumer survey:

• 58% of consumers are willing to switch brands for better pricing  
• 36% feel pessimistic about the economy
• 36% maintain a neutral outlook
• 28% are optimistic about the future
• 47% of consumers expect to increase spending within the next 12 months
• 26% plan to spend less, making value-driven marketing more essential

As price remains a dominant factor guiding purchasing choices, brands that effectively prioritize value and deliver targeted promotions have a strong potential to thrive despite economic uncertainty, the company says.