CHICAGO, April 21, 2003 (PRIMEZONE) -- The cost of gasoline and prescription drugs again topped the annual survey by CoolSavings, Inc. (OTCBB:CSAV) that asks their members to vent on cost of consumer goods and services. California consumers said they were most upset with gasoline prices (59%), compared to the national average of 38%.
How Californians deal with high gas prices differs from most Americans as well. To save money on gas, 63 percent of California CoolSavings' members said they would consolidate trips to cut drive times compared to the national average of 53 percent. At the same time, 13 percent are using carpools while only 6 percent of Americans doing the same, 11 percent are buying a more economical car compared to 7 percent of Americans. Public transportation interested 11 percent, while only 6 percent of Americans are interested in this option, 9 percent are switching to a lower grade, slightly lower than the national average of 12 percent and 20 percent are not changing anything while only 10 percent of Americans have chosen this. (NOTE: More than one answer could be selected on the survey).
Prescription drugs ranked the second biggest concern for Californians (14%), less of a frustration for California compared to the national average of 20 percent. Also among Californians, 41 percent said they ask for generic drugs to save money on prescriptions compared to 49 percent of Americans. Another 11 percent are using mail-order whereas 15 percent of Americans are doing the same, 21 percent are taking a preventive care approach while only 17 percent of Americans are doing the same, 10 percent are using a holistic health approach compared to the national average of only 6 percent and 42 percent are doing nothing compared to the national average of 34 percent.
"Californians are most upset with the cost of gas prices again this year, and there is an active group of consumers who are getting 'back to basics' to save money on this necessity," said Matt Moog, president and chief executive officer of CoolSavings, Inc. "Their methods for dealing with price frustration reflect their need to save money, a resource that American families are often short on these days."
For items that cause Californians less concern, most are "changing nothing" to address rising costs. Cable costs upset 10 percent of respondents, but 55 percent are doing nothing about it. Rising taxes concern 9 percent, but 53 percent are doing nothing; phone bills upset 3 percent, with 52 percent not changing anything; and the rising cost of tuition concerns only 3 percent, with 66 percent of respondents doing nothing.
Of the items listed below, which are you most upset with because of its current cost?
California U.S.
Cable bill 10% 15%
Gasoline 59% 38%
Phone bill 3% 7%
Prescription drugs 14% 20%
Taxes 9% 14%
Tuition 3% 6%
The survey is part of an ongoing series that CoolSavings conducts through its Web site www.coolsavings.com on consumer attitudes toward spending and saving, and how costs affect purchase behaviors. Consumers visit coolsavings.com to take advantage of valuable savings and information on brand-name stores, products and services.
CoolSavings conducted the online survey between April 1 and April 10, 2003. The survey sample comprises 2,714 unique responders.
NOTE TO EDITORS: The full data report and detailed geographic information are also available.
About CoolSavings
CoolSavings is an online direct marketing and media company that provides smarter solutions to help marketers reach their target consumers. Combining a broad distribution network, sophisticated analytics and proprietary technology with superior customer service, CoolSavings enables a wide variety of advertisers to identify and engage their best customers among our more than 25 million registered households.
CoolSavings is a registered trademark of CoolSavings, Inc. Other product and company names herein may be trademarks of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding CoolSavings' business that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the statements under "Business Outlook" and other statements regarding the Company's expectations, beliefs, hopes, intentions or strategies. Where possible, such forward-looking statements have been identified by use of words such as "target," "forecast," "budget," "believe," "expects" and similar expressions. Known and unknown risks, uncertainties and other factors, both general and specific to the matters discussed in this press release, may cause CoolSavings' actual results and performance to differ materially from the future results and performance expressed in, or implied by, such forward-looking statements. Among these risks are the Company's ability to obtain additional debt and/or equity financing, the uncertainties related to CoolSavings' unproven business model in a rapidly evolving marketplace, and CoolSavings' ability to protect its patents, trademarks and propriety rights. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by CoolSavings, For further discussion of some of the risks, uncertainties and other factors which could cause actual results to differ from those expressed in, or implied by, the forward-looking statements, see "Risk Factors" in CoolSavings' Form 10-K, as filed with the SEC. CoolSavings undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events or developments or changed circumstances.