Shoppers Go Whole Hog for Piggy Banks

Newly frugal consumers use little pink pals to help save
By Rob Quinn,  Newser Staff
Posted Jan 1, 2009 12:08 PM CST
"People were very upfront about the need to save," one retailer said. "The pig is very symbolic of that sentiment."   (©twentynine thirty life)
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(Newser) – Piggy banks have been flying off the shelves this holiday season, reports Reuters. Newly frugal consumers see the pigs as symbolic of the need to save, retailers say. The savings rate across America has shot up from zero to 2.8% as worried households start to sock away cash—although economists warn that the recession will last longer if consumers cut back too much and savings rates return to the 10% level of the early '80s.