Wednesday, April 21, 2010

Penny pinchers lead businesses to change

USA Today reports:
America has become a nation of penny pinchers.

The economic meltdown was the 500-pound catalyst, but even amid signs the economy is picking up, many of us still are pinching away. It's a trend that analysts say reflects a seismic — and perhaps lasting — change in our spending habits, and retailers are responding.

Our demand for deals is forcing high-end retailers such as Whole Foods and Starbucks — whose growth symbolized recent boom times — to change how they do business.

Whole Foods, the upscale grocer, now loudly touts weekly sales. Starbucks, home to the $4 caramel macchiato, now also boasts brewed coffee for about $1.50. Morton's steakhouse now sells three mini-burgers at its bar for $5.