Author(s):
Donald Liebenson
What do you get for the country that needs everything? Buying American products could be the best gift Independence Day celebrants can give as America celebrates its 236th.
Just as shoppers rose to the occasion in the aftermath of the 9/11 terrorist attacks by committing themselves to reinvesting in American companies, so are they resolved to buy American products as a way to lift the stubbornly stagnant economy, according to a new investor survey conducted by Millionaire Corner. Nearly three-quarters (70 percent) are more likely and willing than before the 2008 economic collapse to buy American products, according to our survey.
Consumer spending represents about 70 percent of the economy and with gas prices at their lowest level in five months, Americans have more to spend. It is estimated that Americans are now spending roughly $200 million per day less on gas than in early April.
From a recent ABC News “Made in America” initiative to blogs such as Buy American Challenge, Americans are getting the message about the positive impact buying American products can have on the economy and job creation
Sixty-one percent of respondents said providing jobs for American workers is the primary reason for buying American-made products at this time. Fifty-nine percent said they want to help strengthen the economy.
Nearly one-third (32 percent) said that buying American was a way for them to help lower the trade deficit, while 27 percent do it “for patriotic reasons.” Almost one-quarter (24 percent) feels that American products are superior to foreign-made goods.
Eleven percent buys American products for environmental reasons.
These sentiments are virtually consistent across all wealth levels we surveyed, although buying American products for environmental reasons is more of a priority in less wealthy households with net worths of less than $100,000 and between $100,000 and $500,000. These tend to be younger households, a demographic more concerned than their elders with this issue.
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Source: http://www.millionairecorner.com/article/commitment-buy-american-products-stronger-economic-collapse
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