As the nation debates the merits of the $787 billion stimulus package, SOHH surveyed the hip-hop consumer on spending, sacrifice and whether President Obama offers any hope in these tough economic times.
Of all respondents, 64% said they are more confident of their economic future with Obama in the oval office. This news comes a day after the President Obama signed his $780 billion economic stimulus bill and outlined his plan to bring help to struggling homeowners.
Obama … will make it easier for homeowners to afford their monthly payments either by refinancing the mortgages or having their loans modified. The president is vastly broadening the scope of the government rescue by focusing on homeowners who are still current in their payments but at risk of default. And he puts billions of federal funds into enticing servicers to modify the loans of those who’ve already stopped paying.(CNN)
The respondents to the survey say they will continue to spend on some items despite the economic downturn.
When asked what they would continue to spend on, 19% said sneakers, 14% said they will continue to buy new music, 19% said they’d buy new mobile phones/PDAs, and 11% said they’ll keep buying new video games. Meanwhile, 35% said they will continue to spend money on all of the items listed.
Though they’ll keep spending, respondents are being very selective as to which artists’ projects they’ll buy in the coming months.
When queried about sixteen (16) artist with releases scheduled in the coming months, respondents said Jadakiss (13%), 50 Cent (11%) and Cam’ron (10%) are the top three they’d spend their money on. Respondents gave The Dream, D-Block, Busta Rhymes, Juelz Santana about 6% each, Erykah Badu, Jim Jones, Ryan Leslie and Slim Thug about 3% each, Bow Wow, Bobby Valentino, Shawty Lo about 2% each and Mike Jones’ upcoming release less than 1% (.40%). Almost 11% of those surveyed responded they’d spend on ”None of the Above,” indicating respondents are still looking for a release worth buying and opening the door for alternatives to win the consumer.
The survey was taken over seven days and had a total of 452 respondents between the ages of 18-35 of which 80% were male.