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The Effect of the U.S. Great Recession on Consumer Attitudes

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The Effect of the U.S. Great Recession on Consumer Attitudes

Lingxi Li and Rebecca Oh

Introduction

After the Great Depression of the 1930’s, the next largest economic plunge in the United States occurred only in the past few decades. This relatively recent period of economic struggle called the Great Recession, which spanned from the years 2007 to 2009, shattered financial markets globally (“The Great Recession”, n.d.). Particularly, the United States received the largest hits during this time (“The Great Recession”, n.d.). Consequently, researchers in this field of study have found that the behavior of consumer attitudes, values, and expectations in the U.S. have changed in response to the financial difficulties caused by the Great Recession (Benhabib & Spiegel, 2018; Gerzema & D'Antonio, 2011). Thus, the main research question of this report is “How does the U.S. Great Recession affect consumer attitude?” In our study, we seek to delve further into this question by analyzing potential household characteristics that may impact the effect of the Great Recession on the attitudes of consumers.

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