2024-05-13 | economy retirement
... 9%) in retirement. To meet these financial commitments, this same cohort is foregoing big and small pleasures today, spending less on luxury goods (47%), leisure (44%), entertainment (44%), and vacations/trips (38%). External Factors Sway Retirement Optimism For many investors, the uncertain economic landscape presents an ongoing challenge to retirement planning. Three in 4 investors are concerned about a US economic recession in 2024, including 81% of those farthest from retirement (non-retired 18- to 54-year-olds). As a result, nearly 1 in 3 (31%) non-retired investors believe an economic...
2024-04-10 | consumers economy
... e it for essential needs such as living expenses (50%) and debt repayment (29%). Only a small fraction (19%) would allocate their refund towards discretionary spending like travel or entertainment.Additionally, the survey suggests a need for guidance in balancing short-term spending with long-term savings and financial security goals, such as retirement. Despite the availability of more tax-efficient and potentially income-guaranteeing financial solutions like employer-sponsored retirement plans and annuities, 70% of respondents rely on traditional bank accounts for future savings. On average,...
2024-02-15 | consumers economy
... shoes. Black Americans said they expect to spend less this year on eating out at restaurants (24%), entertainment outside the home (15%) and clothes and shoes (15%).Growing income, savings top 2024 financial goalsMore than half of Black respondents said making more money and increasing savings were among their financial goals this year, while nearly half have a goal to paying down debt. Meanwhile, other goals that were less popular include selling a home, establishing a non-retirement investment account and acquiring cryptocurrency.Checking, savings account balances remain lowAccess to traditi...
2022-08-09 12:00:00 | economy inflation
... ast year. Gen Xers have cut back on discretionary spending like dining out or entertainment (61%) and essential purchases like groceries or gasoline (41%), or delayed a major purchase like a vehicle or home appliance (39%). "Many Americans are struggling. About half of investors believe navigating the current inflationary environment will affect their spending and saving habits, Williams said. Prudent financial decisions during uncertain times may make budgeting or investing easier when the economy improves. Now is the time to consult a financial advisor if you need help managing...
2022-07-27 | consumers economy
... s ahead. They have cut back on entertainment and meals outside of the home (42%), cancelled monthly subscription plans (29%), and set aside more money for emergency situations (26%). Americans are more dependent on nontraditional investments such as cryptocurrency - which the survey found investors had at least equal ownership to traditional investments like ETFs and mutual funds. Social media is a major source of financial advice and information for 30% of Americans. 99% of those who reported turning to social media for advice and information said that they have taken the ad...
2022-04-25 14:00:00 | demographics financial planning retirement
... ealthy spending and entertainment budget. Relaxed Minimalists – approximately 31-41% of future retirees | 22.4-29.6 million Millennials Equally satisfied by the company of their close-knit inner circle and the simple pleasures of their day-to-day routines, Relaxed Minimalists will value deep relationships more than other personas. They will place less focus on finances and devote more time to hobbies, relaxation and me-time. High-Tech Jetsetters – approximately 24-34% of future retirees | 17.3-24.5 million Millennials Nomadic and fast-paced in nature, High-Tech Jetsetters w...
2022-04-23 | travel
... 5%). Thank mom and dad for, well, everything really: Turns out parents are splurging on food and drinks (77%), entertainment and activities (56%) and accommodations (42%) more so than non-parents (73%, 48% and 30%, respectively) during summer vacations. Thirty-two percent of travelers plan to stay in a vacation rental this summer—a slight bump up from the spring survey—because they feel it’s the best value for their money (58%), gives them access to private home amenities (54%) and provides more privacy (47%). Of those not planning to travel this summer, 1 in 4 are waiting...
2022-04-20 | inflation retirement
... osts or the rising cost of child care and education, and the uncertainties deepen. Often coined a generation likely to spend their hard-earned money on travel or entertainment, millennials stood out in Voya’s research as having the most concerns about the long-term financial impact of both COVID-19 and inflation. Voya’s survey also revealed that 68% of millennials agreed or strongly agreed that, because of inflation, they are not able to pay down debt as quickly as they want to — and even more (77%) agree or strongly agree that inflation has made them more aware of the need to save more ...
2021-12-21 09:22:18 | boomers technology
... rch shows that learning to use and control smart home technologies is a major interest for people over 50. Smartphones continue to find new ways to manage their daily life and entertainment. This year, a third of seniors ordered food at a restaurant and one in four listened to podcasts on their smartphones. Health innovations and everyday items that automatically track health indicators are also of great interest. However, 42% of seniors believe this technology was not designed for them. About 30% of seniors use technology for personal hobbies, mainly through video content. Str...
2021-09-09 | retirement
... ...
2021-06-09 12:00:00 | consumers digital pandemic
... d entertainment sector leader, "The pandemic was a giant beta test of behaviors that broke down barriers, removed distance and prioritized health and wellness. Our survey revealed that people are willing to adopt new products and services even while adjusting to challenging circumstances in trying times. This adaption and need for inventive technology are placing more pressure on companies to innovate even faster. As we've seen throughout the pandemic, this innovation should focus around the essential elements of daily life to help people thrive in their crowded homes — underscoring the simp...
2021-05-28 | consumers investing
... a year ago in Q1 2020. Spending on essential goods and services—including housing, groceries, routine transportation, medical, education, and health care—totaled 55% of household budgets in Q1, up +5.3 ppts compared to the previous quarter's atypical pattern. One exception to this cutting back was on savings and investments, which accounted for 9% of budgets in Q1, up +1 ppt from Q4 2020 and +2 ppts year over year. Source: The Conference Board...
2021-05-18 | consumers spending
... 0-35 years after that." Source: COUNTRY Financial...
2021-04-29 12:00:00 | consumers
... Paying bills on time, budgeting are top financial goals this year Survey respondents all agreed that their top financial goals in the past year included paying bills, like utilities, as well as their mortgage in full and consistently each month. Additionally: 32% of the general population indicate developing or maintaining a budget that works for them as a primary goal. Black (20%) and Latinx (22%) respondents listed getting their finances in order to purchase a home as a financial goal, compared with 14% of the general population. Black (16%) and Latinx (14%) respondents pl...
2021-04-28 12:00:10 | workplace
... making it an ideal place for remote-work nomads looking for a wide variety of options for entertainment. A panel of economists and real estate experts recently surveyed by Zillow expect Austin to be one of the nation's hottest housing markets in 2021. Page views to rental listings in Austin are the second highest out of all metros analyzed, up 93% from the first quarter of last year. With iconic food trucks and breakfast tacos, unique shops, boutiques, and live music, Austin scores the highest on the list for having the highest share of amenities likely sought-after by digital nomads. L...
2021-04-26 12:00:10 | employment pandemic
... satisfaction in 20 years. Job satisfaction is forecast to continue improving post-pandemic. Reduction in unemployment: The weak growth in labor supply and the strong growth in demand for workers will likely lower the unemployment rate. Reduced stress: As the pandemic and childcare crisis die down, job satisfaction will likely continue to increase. The shift to professional jobs: In recent decades, the share of management and professional occupations in total employment has been rapidly growing. Workers in these occupations experience higher job satisfaction. This shift from manual se...
2021-04-19 12:00:00 | demographics media
... do whatever they can to avoid advertising. Forty percent of U.S. consumers note that they would prefer to pay $12 a month for a streaming video service with no ads, versus 60% of consumers who would accept some ads for a reduction in monthly subscription costs. Forty-five percent of consumers agreed they would rather pay than have ads on their music streaming service. For Millennials, 67% say they would rather pay. For those that subscribe to a gaming service, adding or increasing the amount of advertising are the top reasons they would most likely cancel or stop using a paid service. ...
... t of recession in 12 months, virtually unchanged from the previous quarter. Consumers' worries about their own health (22 percent) and economic performance (20 percent) dominated their top concerns. This trend will likely hold through mid-2021 given the continued crisis, and the time it will take to arrest the coronavirus and establish herd immunity. "With uncertainty around jobs and health prompting consumers to continue economizing, it seems clear that GDP returning to pre-pandemic levels will not in itself mark a return to the old normal," said Dana Peterson, Chief Economist...
2021-04-06 12:00:00 | pandemic affluent
... f five respondents (81%) have taken money normally spent on entertainment, travel and dining and set it aside – namely toward savings accounts (52%) and emergency funds (25%). When life returns to “normal” after the pandemic, affluent Americans plan to spend more on grocery delivery (30%), food prep/meal-kits (27%), restaurant delivery (26%), house cleaning (25%) and laundry services (22%). The survey also found that people are opening up more about certain financial topics today than they did 20 years ago. Approximately three out of four affluent Gen X, baby boomer and senior ...
2021-04-05 12:00:20 | consumers
... h 37 percent currently worried. Also, anxiety about the economy fell from 66 percent to 58 percent. Moreover, consumers plan to increase spending in areas such as travel (by 14%) and entertainment (by 8%). Consumers continue to be financially diligent Half of consumers surveyed will use the recent stimulus payment to pay down current monthly bills, while 44 percent will put the money into savings. Nearly 2 out of 3 survey respondents say they will find new ways to save money in the coming months, and 36 percent will work to improve or maintain their credit score. Source: Experian...
2021-03-21 | pandemic
... but 15% say they are committed to going even more. Around 45% of the respondents say they will be using public transit and ride hailing services less often. Shopping: One of the strongest indicators of permanent changes resulting from the pandemic is on consumer shopping behaviors: Roughly 50% of consumers surveyed indicate they will be doing more shopping online compared to 2019 (about 15% plan to do this less). In April 2020, U.S. consumers ranked safety as the number one reason to use "buy online pickup in store" (BOPIS); however, in the latest survey, safety dropped to fourth r...
2021-03-11 | pandemic technology
... named a technology they couldn’t live without since the pandemic began. 56% selected their personal computing device 41% named their smart TV 21% chose their video gaming system Interestingly, the following home-based technologies were not as highly prioritized: a smart home surveillance system (8%) a smart thermostat (5%) tech-enabled exercise equipment (4%) a robot vacuum (4%) and AR/VR technology (2%) Over 70 percent of respondents celebrated, learned and mourned virtually. More than two out of three respondents (69%) took pa...
2021-02-09 | investing
... Denise Dahlhoff, Senior Researcher at The Conference Board. "Trends like low interest rates and declining debt concerns—alongside below-normal spending on vacations and out-of-home entertainment due to pandemic restrictions—have left a portion of Americans with more disposable income and fewer ways to spend it. Stocks, which continue to yield strong returns, have become an increasingly attractive option for these consumers." Additional insights from the inaugural US Consumer Dynamics Report are featured below. The proportion of US consumers spending discretionary money on stocks and ...
2021-01-21 14:00:00 | transportation spending
... orce them into the used car market. COVID-19 vaccines will help keep auto sales steady but won't boost them dramatically. Unlike other industries such as airlines or entertainment, automotive sales are not expected to see a dramatic retail lift post widespread vaccination distribution — in 2020, retail sales were down only 8.6%. However, Edmunds experts say that a return to an in-person work environment should help maintain sales, and they anticipate a boost in daily rentals in 2021, which generally make up 12% of new vehicle sales but sank to 7.4% in 2020. Exciting new products will h...
2021-01-14 20:00:00 | spending entertainment
... e times more likely to prefer free or low-cost streaming TV with ads, over streaming services with higher monthly subscription fees with no ads (72 percent versus 14 percent). Source: The Trade Desk...
2021-01-13 | global confidence
... and out-of-home entertainment. Increasingly, they are also economizing on utilities, groceries, and other basics that support life at home.” Confidence improved across all regions as fiscal support measures shored up personal finances and health and economic concerns eased. But regional disparities reveal the continued unpredictability of pandemic impacts worldwide: Europe: The lack of improvement in sentiment about the jobs outlook was the primary factor behind the disappointing increase in confidence. The second wave caught Europeans by surprise, coming sooner and stronger than expe...
2021-01-11 18:00:00 | pandemic spending
... ho say they're paying for subscription services they don't use—from 22% last year to 25% this year—likely a result of people looking for more at-home activities and entertainment. Source: KeyBank...
News and insights about consumer and demographic financial trends
Economic Uncertainty and Inflation Impact Retirement Prospects for Americans
AARP Survey Reveals Alarming Retirement Savings Trends
Hispanic Consumers More Optimistic About Finances
Homeowners Facing Increasing Insurance Rates
U.S. Foreclosures Increase In First Quarter
Consumers Perceive Less Buying Power Despite Lower Inflation
Consumer Price Index - March 2024
Americans Fear Running Out of Money More Than Death, New Study Finds
Consumers and Small Businesses Still Grapple with Persistent Check Fraud
Financial Education Gap Leaves Middle-Income Americans Seeking More