PriceGrabber.com(R), a part of Experian, explores the effects the economy has had on consumer purchasing decisions in its latest Consumer Behavior Report. Statistics were collected through three surveys conducted from late March to late June and included responses from a total of 7,170 online shoppers. By asking online shoppers how they spent their tax refunds and their economic stimulus checks and how they have been saving money over the past three months, PriceGrabber.com got an inside look at how consumers have been affected by the economy.

Consumers continue to cut back on spending

The state of the economy and growing inflation has taken a toll on everyday consumer spending. Whether it is grocery shopping, retail shopping, gas or energy, consumers continue to cut back. In a survey of 3,359 online shoppers conducted from April 29 to May 23, 56 percent of respondents indicated that they are cutting back because of the weak economy and growing inflation. Forty-two percent of respondents indicated retail shopping as the primary category in which they are reducing spend. More than one-third of respondents indicated that their top money-saving trick for retail shopping is the use of comparison shopping Web sites. Other ways consumers are reducing their retail spending is through discount and bargain shopping and using low-interest credit cards or cash.

Tax refund used to pay off debt

From March 25 to April 19, 1,328 online shoppers were surveyed to find out how they plan to use their tax refund and if a potential economic recession impacted their decision. Survey results indicated that of the 65 percent of respondents who plan on spending their tax refund, 45 percent plan to use that money on an existing loan. Of the respondents applying their refund to a loan, 68 percent indicated a credit card as that loan. Even with concern about an unstable economy, 22 percent of tax refund spenders indicated using the refund for home improvement and 11 percent for a vacation.

Economic stimulus checks provide another way to pay off debt

Despite government efforts to increase consumer spending through the economic stimulus program, the June survey of 2,483 online shoppers revealed that 89 percent of respondents are still cutting back. Similar to the results of the April tax refund survey, more than one-third of consumers who indicated they spent their economic stimulus checks used them to pay off debt. Thirty-one percent of online consumers spent their checks on retail shopping. Of those who spent their stimulus checks, 27 percent bought one large item and 25 percent spent the money immediately on multiple items.