According to a survey for "Globes" by Millward Brown Israeli representative Shiluv Marketing Research & Strategic Planning Ltd., 47% of Israelis claim they have been hurt by the economic situation.
The survey, which examined Israeli consumer behavior since the economic crisis hit, focused on changes in the most recent two months, since October. It found the proportion of Israelis claiming they have been hurt by the economic situation rose from 41% to 47%.
The impact on consumption showed in several areas. There was a significant rise of 8% in respondents reporting purchases that were completely cancelled, a reduction by 7% in goods and services consumption, and a rise of 5% in purchases that were delayed or postponed.
Analysis of consumer behavior under each heading clearly points to a drop in consumption, a result of both the psychological effects of uncertainty and the actual effects of layoffs and salary reductions.
The margin of error in the survey was 4.5%.
The most outstanding statistic was the increase of 8% since October in the number of respondents who decided to cancel planned purchases. While two months ago, 14% said they had cancelled planned purchases, currently the figure was 22%.
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2008
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