Monday, December 23, 2024
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Hispanic Consumers More Optimistic About Finances

2024-04-22  |  demographics economy finances 

... From January to March, the rate dropped from 4.9 percent to 3.7 percent according to the Bureau of Labor Statistics." SOURCE Florida Atlantic University Business and Economics Polling Initiative...

Consumers Perceive Less Buying Power Despite Lower Inflation

2024-04-10  |  consumers economy 

... ative of the U.S. demographic landscape. It was carried out from February 23, 2024, to March 6, 2024, ensuring participant anonymity. ...

Consumer Price Index - March 2024

2024-04-10  |  consumers economy 

...  the 12 months endingMarch, the first 12-month increase in that index since the period ending February 2023. The food indexincreased 2.2 percent over the last year. (Source:   BLS.gov) ...

Consumers and Small Businesses Still Grapple with Persistent Check Fraud

2024-04-09 14:00:00  |  banking consumers small business 

... es, and financial institutions alike. The findings from Abrigo's survey highlight the critical need for awareness, education, and advanced technological solutions to navigate the complexities of modern financial fraud....

Financial Education Gap Leaves Middle-Income Americans Seeking More

2024-04-09 15:00:00  |  consumers financial education 

... insight into the financial uncertainties facing middle-income Americans today, underscoring the need for improved financial literacy and education to navigate the complexities of modern economic life....

Households Face Financial Pressures but Remain Hopeful

2024-04-09  |  consumers economy 

... tions spend on services they seldom use (18%), a trend most pronounced among the younger demographics, with Gen Z (26%) and Millennials (27%) at the forefront (compared to 16% Gen X, 9% Baby Boomers)....

New York Fed's Latest Survey Reveals Mixed Feelings on Economy and Personal Finances

2024-04-09  |  consumers economy 

... of credit access and financial well-being compared to the previous year. Yet, expectations for tighter credit conditions in the future suggest a cautious optimism among consumers.The Survey of Consumer Expectations is a critical tool for understanding public sentiment on various economic indicators, including inflation, labor markets, and personal finances. Its insights into consumer expectations by demographic and economic backgrounds offer valuable perspectives for policymakers and financial analysts....

Consumers Expect Higher Inflation Ahead

2024-03-12 23:15:00  |  consumers economy 

... arger share of respondents expecting to be worse off a year from now.The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 1.4 percentage point to 38.9%....

Black Consumers Remain Optimistic About Their Financial Health

2024-02-15  |  consumers economy 

...  had higher instances of optimism than other demographics as well.3-in-4 Black Americans living paycheck-to-paycheckAchieve's survey found 76% of Black consumers are living paycheck-to-paycheck, including 43% who said they struggle to make ends meet and 33% who report being financially comfortable.Respondents were split almost evenly when asked about recent changes to their household income, with approximately one-third each saying their incomes had either increased, decreased or stayed the same over the past year. Meanwhile, 56% expect their household income will increase over the coming year...

Improving Financial Literacy Supports Retirement Wellness and Confidence

2024-02-15  |  retirement financial wellness 

... ancial Consultant® (ChFC®) Program Director at The American College of Financial Services. "When we measured financial anxiety and financial stress, those with a financial professional had 20% less financial anxiety and 25% less financial stress."With robust results from surveying more than 3,765 Americans aged 50 to 75, the Retirement Income Literacy Study research team plans to release additional data to provide deeper analysis into topics highlighted here–plus additional perspectives yet to be revealed. For more information and to view initial and future results, visit TheAmer...

One-fourth of Couples Call Money Their Greatest Relationship Challenge

2024-02-01  |  consumers spending 

... e, women are much more likely than men to believe that their partners are more knowledgeable about investing-related subjects; 57% of women say their partner is more knowledgeable than they are (40%)....

Nearly One-Third Of Americans Feel Daily Financial Stress

2024-01-22  |  consumers economy 

... rtheless, 29% of Americans do not currently own a home and do not have any plans to do so in the upcoming year. Just one out of ten respondents said that owning a home is highly attainable. ...

Post-Pandemic Belt Tightening Continues

2024-01-16  |  consumers economy spending 

...  from 47.7% in prior year), and 16.0% would be spent or donated (down from 18.5% in prior year and the lowest reading since the series began in August 2015).Source:  New York Federal Reserve Bank...

Consumers Now Expecting Lower Inflation

2024-01-09  |  economy 

... rger share of respondents expecting to be better off a year from now.The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 0.2 percentage point to 36.7%....

Credit Union Loan Account Balances Rising

2023-06-01 11:00:00  |  credit unions lending 

...  prior to a serious delinquency event.Serious delinquency rates remained generally stable among credit unions quarter-over-quarter (QoQ), with 60 DPD+ delinquency rates coming in at 0.79% in Q1 2023, seasonally down from 0.83% in Q4 2022. 60+ DPD delinquency was up YoY from 0.50% in Q1 2022.To learn more, visit the Q2 Credit Union Market Perspectives Report....

Three-Fifths Of Americans Living Paycheck To Paycheck

2023-02-28  |  consumers 

...  interest rates rise, they may soon equal the savings balances of all consumers living paycheck to paycheck1. Now is an excellent moment for consumers who want to reduce their overall debt load to think about consolidating and/or refinancing their debt into an installment loan." ...

Majority of Consumers Want Fewer Marketing Messages

2023-02-27  |  consumers 

... re. The results will likely be equal to or better with fewer right messages delivered at the right time. If firms do this correctly, they may connect with consumers rather than alienate them while spending less on marketing. It presents an opportunity to maximize marketing expenditures and foster enduring client loyalty." ...

Most U.S. Consumers Living Paycheck to Paycheck

2023-01-30  |  consumers economy 

... check consumers worry about economic uncertainty, compared to 62% for inflation.Despite pessimism, four in 10 paycheck-to-paycheck consumers expect their salaries to stay pace with inflation in 2023. However, 90% of wage-earners say their 2022 pay increases were lost to inflation, and only 42% expect 2023 pay increases to offset price hikes.In 2023, inflationary pressures may deter people from buying electronics and appliances. Leisure travel may also wane this year. In 2023, 35% of customers will spend money on leisure vacation, while 24% will buy pricey equipment or appliances."If the consum...

Confidence in Housing Hits New All-Time Low

2022-11-07 11:30:14  |  consumers economy housing 

...  in October to 56.7, its lowest score since the index's launch in 2011 and its eighth consecutive monthly decline. As consistently high home prices and unfavorable mortgage rates continue to drive consumers' housing affordability concerns, five of the six index components dropped month over month, including those related to home purchasing and selling conditions. Only 16% of respondents said it's a good time to buy a house right now, a new survey low, while 59% of respondents said it's a good time to sell a house right now in October, a steep decline from the previous month's 59%. The total in...

Many U.K. Consumers Struggling With Credit Card Debt

2022-09-22  |  consumers economy 

... banks to remain "top of wallet," they must create individualized, user-friendly loan choices that assist consumers in navigating growing pricing.The study also reveals that UK consumers' concerns about inflation and the cost of living are having an impact on their purchasing behavior. 73% of those polled claimed they would cut back on their expenditures, while 54% admitted they had to put off making a large buy on credit because of their current worries. Consumers still rely on credit and are aware of what they want from their credit cards. Refund protection on purchases (42%), fraud protectio...

Money Top Source Of Stress For Women

2022-09-22  |  consumers demographics women 

... ue to update and publish the Ellevest Women's Financial Health Index, monitor women's relationship with money, and provide best-in-class resources in the months and years to come." Source: Ellevest...

New Vehicle Prices Set Record In August

2022-09-12  |  consumers economy travel 

... 22 was $65,935, an increase of $878 from the previous month's record-breaking premium ATP of $65,057. Although prices are getting closer to sticker costs, luxury consumers still spend more than MSRP for new cars. Even while the percentage of luxury vehicles in overall sales dropped from 17.7% in July to 17.5% in August, it is still historically high. The increasing share of luxury sales is assisting in raising industry ATP on the whole. The average cost of a new electric vehicle (EV) grew by 15.6% in comparison to a year ago and by 1.7% from July. According to estimates from Kelley Blue...

Used Car Prices On The Decline

2022-09-08 10:22:34  |  economy 

...  keep sales going in the face of rising interest rates and other economic headwinds that weaken demand. "The situation is developing, but we advise consumers to be ready to act quickly once they locate a vehicle that meets their requirements and to keep a watchful eye out for any potential price drops that may occur in the near future. Buyers frequently discover that they now have more negotiation power with the dealer. However, some brands' pricing in August remained steadfastly close to all-time highs. A modest increase from the Price Premium of $8,012 over normal from last month, for...

Half of Americans Have Less Than One Month Of Emergency Cash

2022-09-08 09:09:36  |  consumers 

... ther hand, advises being far better prepared, advising people to lay aside a year's worth of necessities and make sure they have adequate emergency savings to get through any unforeseen disasters. ...

Consumer Spending Not Wilting In Summer Heat

2022-08-09 12:10:00  |  consumers economy 

... merica Institute, "consumers are not wilting in this summer heat." While 34% of US families are renters, "relief from decreased gas costs and shop promotions encouraged consumers to continue to spend throughout July even though pockets are getting tighter." Source: Bank of America Institute...

Consumer Housing Sentiment at Lowest Level in Decade

2022-08-08 12:00:01  |  housing 

... t not at the same rate as those who think mortgage rates will go down. Home Purchase Sentiment Index (HPSI) distills consumer sentiment from Fannie Mae's National Housing Survey. The HPSI reflects consumers' current views and expectations of housing market conditions. The net share of those who say their household income is significantly higher than it was 12 months ago increased....

Average Millennial Owes $117K

2022-07-28 12:00:00  |  consumers debt 

... an emergency, one fifth say they cannot afford children and one fourth don't know their credit score. It is not surprising that 41% of millennials are pessimistic about their financial future. ...

Envestnet Examines Keys to Unlocking Complicated Financial Relationships

2022-07-28  |  financial advice 

... l ages genuinely need, want, and expect will be delivered to help guide them on their journey toward financial wellbeing - allowing them to attain their full financial potential." Source: Envestnet...

Older Homeowners Least Likely To Tap Home Equity

2022-07-27 12:00:10  |  housing 

...  in Financial Planning found that nearly three-quarters of financial advisors (63%) are unable to talk about home equity or don't know how to. FAR sees this gap as an opportunity for consumers and financial advisors alike to learn more about the stabilizing effects of housing wealth for 55+ homeowners, and for senior lending experts to participate in the retirement planning conversation. FAR President Kristen Sieffert believes these findings are a prime opportunity for FAR to further leverage its education-first approach towards home equity and use a reverse mortgage in a holistic retire...

Americans Preparing For Recession

2022-07-27  |  consumers economy 

... rement Businesses. "Our goal is understand these diverse needs and provide innovative, tailored solutions that make an impact on the financial lives of our customers." Source: Prudential Financial...

Inflation Concerns Slowing Middle-America Spending

2022-07-14 12:00:00  |  consumers economy 

... y they don’t think they have enough saved to retire comfortably, up 10 percentage points since March. In addition, one in five plan to find a higher paying job (22%). Source: Primerica, Inc. ...

Household Financial Well-being Highest in Eight Years

2022-05-23  |  consumers 

... d retirement alongside several new topics, such as the use of emerging financial products including cryptocurrencies and "Buy Now, Pay Later" services. The survey included 11,000 adult respondents....

Total Household Debt Increases in Q1 2022

2022-05-10  |  consumers debt 

... a 5.1% decline from the previous quarter. 229 million new accounts were opened in the first quarter, an uptick from the previous quarter and slightly higher than typical pre-pandemic levels....

Boomers Prefer Credit Cards Over Debit Cards

2022-05-05 12:00:00  |  consumers payments 

... acement card at the branch would influence where they bank. Younger consumers also have a preference for a personal touch when it comes to paying bills, with 48% of Gen Z and millennials using in-person bill payment within the past 30 days, more than any other generation. Survey Method The survey was conducted online within the U.S. by The Harris Poll from November 23–December 7, 2021. A total of 3,007 interviews were conducted among U.S. adults ages 18 and older living in a household that currently has a checking account and has used their checking account to pay a bill or make a p...

Two-thirds of U.S. Lives Paycheck to Paycheck

2022-05-02 12:00:00  |  consumers credit 

... ing an average of $3,100, with a limit of $6,500. Consumers who don’t live on paychecks report spending an average of $2,100, with a cap of $9,000. Many consumers who pay monthly are still creditworthy, have good credit scores, and tend to use personal loans, credit cards and other payment methods such as personal loans to manage their cash flow. Source: LendingClub...

Majority of Americans Worry About Another Market Crash

2022-04-27 12:00:00  |  consumers economy 

...  Allianz Life conducted an online survey, the 2022 Q1 Quarterly Market Perceptions Study in March 2022 with a nationally representative sample of 1,002 Respondents age 18+. Source: Allianz Life ...

Consumer Confidence Lower in April

2022-04-26 12:00:00  |  consumers 

... ...

Consumers' Changing Definition of Sustainability

2022-04-25 12:00:00  |  sustainabillity 

... pond positively. These results indicate that companies can find suitable ways to expand and refine sustainability messages beyond the younger urban consumers who are already on board. Source: The Conference Board...

American Consumers Still Don’t Feel Confident About Their Financial Health

2022-01-10 12:00:00  |  consumers economy 

... dealing with recent market volatility and record high inflation. It’s unsettling for many.” Despite this relatively recent decline in confidence, American consumers surveyed report feeling optimistic about their longer-term financial futures. According to the study’s key indicators of financial wellness, many are feeling hopeful and optimistic (40%) about their path towards optimizing their financial health. Americans are also prioritizing financial goals in 2022. When asked what their top new year’s resolution is, paying off personal debt (37%) and saving for retirement (36%) no...

Research Roundup: Week of January 2, 2022

2022-01-04 09:32:54  |  consumers cryptocurrency housing 

... another service. Source: Accenture ...

Some Americans Looking To Stars For Financial Advice

2021-12-08 09:08:19  |  advice consumers finances 

... hat group in the generational breakdowns. Source: LendingTree.com...

Happy Thanksgiving!

2021-11-26  |  economy retirement travel 

... ...

Gen Z Wants Credit Perks but Leery of Debt

2021-10-21 12:00:10  |  credit demographics 

...  that is two-times higher than any other generation. A blend of traditional and digital choices: While cash and debit cards are the top payment types across all consumers, Gen Z also welcomes non-traditional digital payment options. The majority (53%) use person-to-person payment apps (more than any other generation), half (50%) use PayPal, and one in four (25%) would consider using cryptocurrency. Purchase-based payment flexibility: Payment use among Gen Z is influenced by the purchase at hand. Looking at purchases valued between $30 and $150, credit cards are preferred by more than one in...

Digital Banking Gains Momentum

2021-10-14 12:00:44  |  banking 

... ...

Emerging Trends In Banking And Finance

2021-10-14 12:00:00  |  banking demographics 

...  like live-chat combined with virtual assistants and automated chat can help them deliver this and compete with new tech and fintech entrants." "The way that we bank is changing quickly. The institutions that will be successful are the ones that are providing tools and services to educate their customer base and improve financial literacy, said Niamh Cunningham, COO at Rival Technologies. "If you're not talking to your customers about their financial health and future during the largest transfer of wealth in history, then another financial institution is." Source: MX, Q2, Rival Technologi...

US Shoppers Start Holiday Shopping Early, But Is It Soon Enough?

2021-10-04 12:00:00  |  retail economy 

... rcent of consumers are starting their holiday shopping earlier than they did last year. Based on surveys of more than 24,000 US shoppers and Klarna's proprietary shopping data from its 20 million consumers nationwide, the report also found that 71% of shoppers plan to begin purchasing holiday gifts before December and 22% have already started. Nearly three-quarters (72%) of shoppers cite a desire to take advantage of holiday sales as the main reason for getting a headstart on their gift purchasing this year. However, amid reports of supply chain issues across the country causing potential ...

Consumers Financial Confidence Is Up

2021-09-08  |  consumers 

...  BMO's Real Financial Progress Index, a quarterly measurement of consumer sentiment about money, point to increases in consumer confidence potentially leading to negative behaviors that could undo consumers' financial progress. These findings are from the latest BMO Real Financial Progress Index, conducted by Ipsos. The national survey sampled adults aged 18+ in the U.S. from July 13 to Aug. 2. Overall, the survey data showed American adults are experiencing steady increases in confidence about their current financial situation, which is driving an optimistic outlook for many: 4 in 5 (80...

Used Vehicle Prices Expected to Climb to Record Highs

2021-07-06 09:08:22  |  transportation 

... uite long and interest rates are relatively low on average, so the consumer really has to make up the difference in price." Edmunds experts advise consumers who are considering making a purchase over the Fourth of July weekend or later this summer to make a concerted effort to shop around their trade-in, which can be done for free on sites such as Edmunds. According to Edmunds data, the average trade-in value for used vehicles climbed to $21,224 in June, marking a 75.6% increase compared to June of 2020. "In these unique market conditions, car shoppers must remember that they h...

How the Pandemic Stress-Tested Our Digital Homes

2021-06-09 12:00:00  |  consumers digital pandemic 

... d to fix dropouts and dead spots by extending their home networks. During the pandemic, 30% of home internet users purchased Wi-Fi extenders, 19% bought mobile hotspots, and 14% added mesh Wi-Fi networks. Close to 40% of households with mobile data plans made some change to their mobile data plan since the start of the COVID-19 pandemic. Upgrading to a new phone was the highest driver for this, followed by switching to an unlimited data plan and adding 5G. Sixty-six percent of respondents noted they have had their smartphone for at least a year, while 31% noted they plan on upgrading withi...

Consumers Remain Overwhelmingly Positive Towards Recycling

2021-06-07 12:00:00  |  consumers 

... demic have made them feel it’s more important now to recycle than before. Additionally, knowing what products are created from the materials recycled overwhelmingly inspires consumers to recycle more (70%). “This tells us the timing to educate is ideal. Consumers are open to being reminded to recycle when shown the benefits,” said Fantoni. “When it comes to cartons specifically, 77% said knowing that recycled food and beverage cartons are used to make paper products, such as toilet paper and paper towels, makes them more likely to recycle them.” Source: The Carton Council...

Ally Bank Eliminates All Overdraft Fees

2021-06-02 12:00:13  |  banking 

... lizing their finances. Eliminating these fees helps keep people from falling further behind and feeling penalized as they catch up," said Brown. Ninety-five percent of the consumers who paid $12.4 billion in overdraft fees in 2020 were "financially vulnerable" and disproportionately Black and Latinx, according to the 2021 FinHealth Spend Report. Among those financially vulnerable households with checking accounts, 43% averaged 9.6 overdrafts during 2020, resulting in annual overdraft fees of hundreds of dollars per household on average. Diane Morais, president of consumer and commercial...

Economic Optimism Rebounds

2021-06-02 12:00:05  |  consumers economy 

... ee key components. This month, all three increased. The Six-Month Economic Outlook, a measure of how consumers feel about the economy’s prospects in the next six months, rose by 4.5%, moving from 53.2 in May to 55.6 in June. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, rose by 0.5%, moving from 57.0 last month to 57.3 this month. Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working, rose the most, climbing 6.2% from 53.1 in May to 56.4...

Home Improvement Retailers Buck Online-Only Shopping Trend

2021-06-01 12:01:00  |  retail spending 

... ing are some key findings of the 2021 study: Yes, it’s true, home improvement projects are popular: Nearly one-third (30%) of U.S. consumers say they are either planning or actively working on a home improvement project. Vast majority of customers shop in-store, feel safe and comfortable doing so: Just 13% of home improvement retailer customers say they purchased products via a retailer’s website, while 87% shopped in a brick-and-mortar location. Of the 87% who shopped in a store, 98% say they felt safe and comfortable while shopping during the height of the pandemic. Ma...

Interest in Investing Emerges as a Lasting Pandemic Legacy

2021-05-28  |  consumers investing 

... ducts—compared to 21% and 20%, respectively, 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...

Improved Consumer Confidence Does Not Translate to Higher Spending

2021-05-27  |  spending 

... nt—feeling it is not safe. Working with a sales associate. Today, 53 percent of consumers said that they feel unsafe working with a sales associate in-store, an improvement of 9 percent since April 2020 when 58 percent said that they felt unsafe or very unsafe. The Majority of Respondents Are or Plan to Get Vaccinated. As vaccines continue to roll out across America, almost half of those surveyed (47 percent) already received the COVID-19 vaccine. This compares to 24 percent that have not gotten the vaccine, but plan to when able and 29 percent that don’t plan to get vaccinated or ar...

Revenge Summer Is Coming

2021-05-18  |  consumers spending 

... re strategic, long-term financial plan so they are able to weather a lot of different storms on their journey to retirement and then another 30-35 years after that." Source: COUNTRY Financial...

Younger Americans Feeling More Positive About Finances

2021-05-13 12:00:00  |  economy demographics 

... ng the necessary actions to help them make more financial progress," said Paul Dilda, head of consumer strategy for BMO Harris Bank. "It's all about achieving a balance between indulging today and saving for tomorrow, and it's encouraging to see younger adults – especially in the last few months – setting and maintaining good financial habits that will set them up for success in the future." Source: BMO Harris Bank...

Visa Confirms Recovery On Firm Ground

2021-05-12 12:20:00  |  consumer spending 

... ored from 0 to 200. When the Visa SMI rises above 100, the consumer spending momentum is strengthening and when it falls below 100, the spending momentum is weakening as fewer consumers are spending more relative to the previous year. The index is adjusted for day of week, month, holidays, and broad annual trends, and these seasonal adjustments are subject to revision each year. Source: Visa SMI...

Inflation Spikes in April

2021-05-12 12:10:00  |  economy 

... st 12 months. For the month, the index increased 0.8 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision. Source: BLS ...

Why Does U.S. Customer Satisfaction Keep Falling?

2021-05-11 12:00:00  |  consumers 

... re related, primarily via consumer spending which accounts for about two-thirds of GDP. For discretionary goods and services, satisfied consumers tend to spend more than dissatisfied consumers. The decline in customer satisfaction, along with the spread of COVID-19, have led to less consumer spending and negative GDP growth. However, as the pandemic now seems to moderate or contract, GDP increased at an annual rate of 6.4% during the first quarter and, due to a massive pent-up demand, consumer spending grew by a record 10.7% — even as customer satisfaction declined. Low customer satisfact...

Majority of Americans Report Pandemic Personality Changes

2021-05-10 12:00:01  |  pandemic 

... behavior as we move forward in a post-pandemic era." Source: Oracle...

Millennials Plan to Spend More on Luxury Travel

2021-05-10 12:00:00  |  demographics travel spending 

... ouraging for brands and destinations is that, among those planning to spend more than $5,000 on their next trip, as many as 62% have not yet made a booking -- and they are eager to spend more on travel than ever before. For brands, the opportunity is there to attract the purchasing power of this audience now." "The research highlights a positive outlook and several trends that look set to shape the U.S. travel market recovery. Cities are making a comeback as a top destination, and there is a clear desire among more affluent travelers for luxury experiences," said Liselotte de M...

Retail Sales Jump 23%

2021-05-06  |  retail spending 

...  of key overarching trends. Restaurant Resurgence: April marks the second consecutive month of positive growth for the Restaurant category, underscoring that consumers have an appetite to eat out again. Spending at restaurants grew 118.8% vs. 2020, when widespread shut-downs crippled the industry, and were up 5.7% compared 2019. Limited-service Restaurants, such as fast-food, were up 21.7% compared to 2019, outpacing their Full-service counterparts (-13.5% YO2Y). Online Convenience: Despite the record shattering e-commerce growth in April 2020, online sales remained up year-over-year....

Latest IBD/TIPP Poll Shows Dip in Economic Optimism

2021-05-04   |  consumers 

... s three key components. This month, all three declined. The Six-Month Economic Outlook, a measure of how consumers feel about the economy’s prospects in the next six months, fell by 4.8%, moving from 55.9 in April to 53.2 in May. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months, dipped by 0.5%, moving from 57.3 last month to 57.0 this month. Confidence in Federal Economic Policies, a proprietary IBD/TIPP measure of views on how government economic policies are working, declined the most, dropping 5.2% from 56.0 in ...

Consumers Financially Optimistic After Difficult Year

2021-04-29 12:00:00  |  consumers 

... ee it’s important to budget for long-term finances and emergency savings each month, fewer (76%) are confident in their ability to do so, and 62% felt confident in their ability to set aside money for retirement. Income is the biggest driver in the availability of emergency funds. Black (34%) and Latinx (36%) respondents indicate they don’t have enough money to support them if they become unable to work. While many Baby Boomers are at or near retirement age, fewer than half (48%) have enough financial resources to support them if suddenly unable to work for more than four months....

US Consumer Confidence Up Sharply Again in April

2021-04-27 09:12:22  |  consumers economy 

... ll from 35.9 percent to 34.5 percent, while those anticipating fewer jobs rose from 14.4 percent to 15.5 percent. Regarding short-term income prospects, 17.9 percent of consumers expect their incomes to increase in the next six months, up from 15.4 percent in March. Those expecting their incomes to decrease fell to 10.9 percent, down from 12.6 percent. Source: April 2021 Consumer Confidence Survey® ...

In-Person Banking Fading

2021-04-21 12:00:00  |  banking 

... o verify their identity. In general, a slightly higher percentage of Canadians say they can carry out these tasks compared to those in the U.S.: Download the provider's mobile app: 53 percent (U.S.) vs 57 percent (Canada) Provide a selfie: 37 percent (U.S.) vs 38 percent (Canada) Scan documents such as a passport or driver's license: 46 percent (U.S.) vs 47 percent (Canada) Scan a QR Code: 41 percent (U.S.) vs 42 percent (Canada) Scan your fingerprint: 41 percent (U.S. and Canada) "Consumers embraced the digital first economy during the past 12 months, but how, when and wh...

Nearly Two-thirds Of U.S. Adults Interested In Crypto

2021-04-20 12:00:06  |  investing payments 

... se crypto-curious women are under the age of 35, and 25% are near retirement at 55 or older. Education is crucial in converting crypto-curious consumers to actual holders, with 39% of those who don't hold cryptocurrency considering themselves "somewhat or very" knowledgeable about cryptocurrency, but 60% identifying as "not very" or "not at all" knowledgeable. A strong majority of U.S. adults (77%) indicate they are open to learning more about digital assets, whether they already own cryptocurrency or not. The number of crypto investors is set to nearly double...

Two-Thirds of Americans Planning Summer Vacations

2021-04-20 12:00:05  |  travel 

... ...

Venmo Rolls Out Crypto

2021-04-20 12:00:05  |  payments technology 

... to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have." According to the 2020 Venmo Customer Behavior Study, more than 30% of Venmo customers have already started purchasing crypto or equities, 20% of which started during the pandemic. With the introduction of crypto on Venmo, the broader Venmo community will now have access to an easy-to-use and intuitive crypto platform to help them take part in the cryptocurrency market. C...

COVID-19 Reshaping Media Landscape

2021-04-19 12:00:00  |  demographics media 

... ...

ESG Investing Key Loyalty Driver For Younger Investors

2021-04-15 12:10:00  |  investing 

... sponses from 4,392 investors who make some or all of their investment decisions with a financial advisor. The study was fielded from December 2020 through February 2021. Source: J.D. Power...

Pandemic Accelerates Changes In Banking Behavior

2021-04-15 12:00:05  |  banking 

... ing their organizations for success.” Even as generational preferences vary, about half of consumers plan to give all of their future deposit business to their current primary financial services organization. However, these numbers decrease for all generations when asked if they plan to give their future loan or investment business to their current primary financial services organization. Source: BAI...

Gucci Remains Top Luxury Brand Online

2021-04-14 12:02:02  |  consumers luxury 

... ...

Say Goodbye To Money Management By And For Men

2021-04-14 12:01:00  |  demographics investing 

... s-all, male-dominated industry that we all know into a more positive and brighter build—one that is more candid, colorful, human-centric, values-driven, inclusive, and even fun. It's a fresh start. And in that fresh start, there's a huge opportunity for finance brands to help us reset, especially as we plan for life post-pandemic," concluded Cecelia Girr, Director of Cultural Strategy for TBWA's Backslash. The Future of Finance report can be downloaded at https://www.backslash.com/futureof. Source: Backslash...

Global Consumer Confidence Hits Record High

2021-04-14  |  consumers global 

...  the Gulf with the vaccination campaigns on the way, although slow, and the resulting economic rebound in 2021. North America: Consumer confidence fell in the first quarter of 2021, driven by a dip in confidence in the US – likely due to the slow initial rollout of the vaccines and the heightened political tensions from the protracted election season – while confidence rose in Canada. The decline is expected to be temporary. In the US, concerns about the economy loomed large, but ebbed slightly. Concerns about health ticked up slightly. Notably, concerns about political stability ap...

The Future Of Work In 2021

2021-04-12 14:00:00  |  workplace employment 

... om Qualtrics finds that workforce productivity is up, employees feel more connected to each other than before the pandemic, and future workplace trends are being driven by younger generations. For consumers, improved experiences like telehealth appointments, outdoor seating at restaurants, curbside pick-up, and virtual fitness classes, are not only preferred but will be the expectation in the new normal. This study, which examined the experiences and feelings of more than 4,000 workers around the world, illustrates that work preferences are continually shifting and the future of work will lo...

Is Buy Now Pay Later Here To Stay?

2021-04-12  |  payments credit 

... t reliable payment method." Further, a thematic analysis of respondents who do not use BNPL, as well as their reasons for intentionally avoiding these services, showed that consumers can experience psychological discomfort, a lack of familiarity, and financial hardship preventing them from pursuing Buy Now, Pay Later options. "The future of Buy Now, Pay Later usage suggests an even more nuanced picture, as the retention rates reported by some companies are astonishingly high. For example, Afterpay reported 91% of sales during the first quarter of 2021 were from repeat customers," added D...

Gen Z Least Likely To Return To Old Behaviors After Vaccination

2021-04-08 14:00:00  |  retail travel 

... s available at: https://www.ibm.com/thought-leadership/institute-business-value/report/vaccine-consumer-behavior. The IBV continues conducting research to regularly draw insights on consumer behavior since April 2020, about how COVID-19 has impacted their outlook and preferences. Source: IBM...

U.S. Retail Sales Grew 26.3% Year-Over-Year in March

2021-04-08 12:00:00  |  consumers spending 

... nificantly elevated growth rates this March. Essential sectors, such as Grocery, faced the opposite situation as sales surged last year as consumers stocked up; Grocery fell into negative growth territory this month when compared to the strong growth in March 2020. Grocery sales are up (+7.5%) when compared to March 2019, however. Source: Mastercard...

Home Buyers Eager Despite Hot Market

2021-04-07 12:00:00  |  housing 

... homebuying and home-selling conditions, household income, and home prices. The mortgage rate outlook component experienced the only decline; and the latest results indicate that only 6% of consumers believe that mortgage rates will decrease over the next 12 months. Year over year, the HPSI is up 0.9 points. "The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, a third round of stimulus checks was distributed, and the spring homebuying season began – perhaps with even more intensity th...

SoFi Launches Auto Loan Refinancing Through Lantern

2021-04-06 16:00:00  |  consumers lending 

... p with MotoRefi – an auto fintech startup that provides multiple competitive offers through a network of lenders. Auto loan debt has quickly become one of the most important areas for consumers to be mindful of when it comes to maximizing financial well-being and now ranks as the third largest component of household debt. This need is underscored by the record-setting volume of auto loans borrowers took out last year. In 2020, the average auto loan amount soared to more than $35,000, on average, according to Experian. This means Americans are now approaching an average payment of $600/mo...

FICO® Scores Increased Amid Pandemic

2021-04-05 12:00:20  |  consumers 

... t. 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...

Many Americans Still Lack Critical Financial Knowledge

2021-04-05 12:00:05  |  consumers 

...  coverage and how insurance works. Comprehending risk: understanding uncertain financial outcomes. Go-to information sources: recognizing appropriate sources and advice. Source: TIAA Institute...

Indicators Point To Strong Job Growth Ahead

2021-04-05 12:00:00  |  economy 

... ing at a rate that should significantly reduce the spread of the virus in the next couple of months. Labor intensive in-person services will continue to reopen, and consumers flush with cash due to a year of elevated savings and strong government stimulus will be willing and able to spend. All this will lead to historically fast employment growth in the coming quarters. We expect the unemployment rate to reach about four percent a year from now, and further decline for the rest of 2022. Tight labor markets and labor shortages will resurface in the coming year, leading to faster wage growth." ...

One-Fourth Of Consumers Lack An Emergency Financial Plan

2021-04-01 18:00:00  |  financial planning demographics 

... he 95% confidence level. Source: ScoreSense...

Two-Thirds of Consumers Have Forgotten About At Least One Recurring Payment

2021-04-01 08:20:22  |  payments 

... h in the form of recurring payments. Cardmembers Want More Context The survey further indicated that consumers want to know where their financial information lives online, including where their credit cards are stored. Sixty percent believe that if they know where their card is stored, it will help them have a stronger grasp on their recurring payments and finances More than half (56%) say recurring payments are a hassle to track down and on average it takes about three months for them to cancel unneeded recurring payments Nearly all respondents (90%) note that it would ...

1 in 5 Americans have been forced to delay or cancel their retirement due to the pandemic

2021-03-31 15:00:00  |  pandemic retirement 

... ws consumers aren't receiving the tax planning help they need for retirement, and as a result, they may be paying thousands of dollars more than needed," said Henderson. "Financial professionals have a major gap to fill in educating clients on the best strategies to reduce unexpected taxes on combined income resources. By taking a holistic approach to financial planning, professionals can help more Americans save and achieve the retirement they want." Source: Nationwide...

Pelotons and Penny-Pinching

2021-03-31 14:00:00  |  pandemic spending 

... al's true influence, though. Consumers now expect digital convenience at every stage of the shopping experience, even if the final sale occurs in a brick-and-mortar outlet. Mobile devices have become the "remote controls" of our lives—a decade-long trend intensified by the pandemic. As 5G networks proliferate, the centrality of mobile will only become more entrenched, and must shape all business decisions in the post-pandemic economy. Source: The Conference Board...

COVID-19 Changes In Credit Card Use Might Be Permanent

2021-03-31 12:00:04  |  pandemic spending 

...  has ticked up a couple percentage points across the board year over year, the fact that consumers are sticking to a few cards, avoiding hitting their credit limits, and charging less frivolously, are all good signs for a post-pandemic world.""I'd never say there's a silver lining to a pandemic, so I'll just say I'm hopeful we've learned some solid financial lessons," Silvestri says. "We'll know for sure when we conduct our credit card survey next year." Source: Debt.com ...

Consumer Confidence Surged In March

2021-03-30 15:00:00  |  consumers 

... term income prospects, 15.5 percent of consumers expect their incomes to increase in the next six months, up modestly from 14.8 percent in February. However, 13.3 percent expect their incomes to decrease, up slightly from 12.9 percent last month. Source: The Conference Board...

Peak 65 Is Coming

2021-03-30 14:00:02  |  retirement 

... is fast-approaching milestone requires the urgent attention and collective action of retirement security stakeholders, including policymakers, the financial services industry, employers and consumers themselves. The report also focuses attention on a looming retirement income crisis in America, which has been dramatically accelerated by the huge increase in Americans retiring prematurely—due to layoffs or by choice—because of the COVID-19 pandemic. The Peak 65 Generation—Creating A New Retirement Security Framework, an economic report released today and authored by Jason Fichtner, a...

Most Americans Plan to Save Their Tax Refunds

2021-03-26  |  consumers economy 

... popular money option Respondents age 25-34 are the most likely to invest their tax refunds or spend it on something fun Nearly 35% of respondents do not expect a refund Source: MyBankTracker...

Millennials Chasing The American Dream

2021-03-25 12:00:00  |  millennials housing 

... of competition. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 830 adults. The survey was carried out online. The figures are representative of all U.S. adults (aged 18+) who were identified as likely first-time buyers. The sampling margin of error of the survey was +/- 3.6 percentage points. Results were weighted for age, gender, region, race/ethnicity and income where necessary to align them with their actual proportions in the population. Source: Realtor.com®...

COVID-19 Spurs Greater Interest in Life Insurance

2021-03-25  |  pandemic insurance 

... population. Source: LIMRA...

COVID-19 One Year In

2021-03-21  |  pandemic 

... ...

62% Have Apprehensions About Life "Returning To Normal" Post COVID-19 Pandemic

2021-03-19 12:00:00  |  consumers pandemic 

... looking forward to hanging out with friends and family 22% are most looking forward to not having to wear a mask 19% are most looking forward to going on vacation Source: healthinsurance.com...

The Conference Board Leading Economic Index® (LEI) for the U.S. Increased in February

2021-03-18 15:00:00  |  consumers 

...  5.5 percent in 2021." "Despite widespread improvements among the leading indicators, some measures—including weekly hours in manufacturing, permits for residential housing, and consumers' outlook for business and economic conditions—showed signs of weakness. Bad weather and assorted supply-chain disruptions may have impacted these particular leading indicators in February, and the effects may prove transitory." The Conference Board Coincident Economic Index® (CEI) for the U.S. decreased 0.1 percent in February to 103.0 (2016 = 100), following a 0.2 percent increase in January and a...

Just 26% of Americans Near or at Retirement Age Have Enough Saved for Retirement

2021-03-18  |  retirement 

... ...

Nearly 4 in 10 Americans Are Mooching Off Someone Else's Streaming Account

2021-03-12 14:00:00  |  technology 

... entage rises to 34%. On average, consumers have three different accounts. Streamers are missing out on credit card rewards. Only 37% earn rewards by paying for their subscriptions with their credit cards, even though some issuers offer lucrative streaming benefits. "Credit card issuers have fallen in love with streaming rewards in the past year, so if you spend a lot of money on streaming, it's worth looking into what your cards offer," said LendingTree's Chief Credit Analyst, Matt Schulz. "Just be sure that you keep your spending in perspective, for example, don't throw aw...

Americans Put Themselves at Risk by Using the Same Account Password Multiple Times

2021-03-12  |  technology 

... nge their behavior or password habits. Based on survey responses, both men and younger consumers take too many chances with their accounts. Employers need more security training on the basics of password choice and the technologies available to protect accounts better. SOURCE ScoreSense...

Use Of Digital Banking And Fintech Apps On The Rise

2021-03-10  |  pandemic fintech 

... ight increase in cryptomining activity following a decrease after the bitcoin crash in 2018. "As more consumers turn to online and mobile banking for their financial transactions, they appear to be becoming more educated about staying safe online. However, many people still need to make sure they are practicing safe cyber habits that do not make their financial information more vulnerable to bad actors," said Tony Anscombe, chief security evangelist for ESET. "This means, among other things, not using public Wifi without a VPN, which is an easy way for a cyber criminals to gain personal inf...

Boomers Have Different Expectations of International E-Commerce Than Younger Consumers

2021-02-26  |  retail global 

... erience. Some 29% of boomers said a clear refund policy was important when shopping online from international merchants, versus 24% of those in the Gen Z and millennial group. Source: eShopWorld...

Will Real Estate Commissions Fall?

2021-02-25  |  housing 

... ...

Consumers Split On Proactive Advice From Their Financial Institutions

2021-02-23 15:00:00  |  advice banking 

... ty in exchange for managing their individual spending budget and getting online individual advice to save money. For example, customers said they would: 41% share online retail purchases 37% share geo location details 36% share airline programs information 36% share credit card information Source: NTT DATA...

Young Americans Prefer A Hybrid Digital and Human Banking Experience

2021-02-23  |  pandemic banking 

... encing financial firsts—such as budgeting and bill pay—during a tumultuous year. "The pandemic has accelerated the adoption of online and mobile banking, and consumers are increasingly comfortable with using digital tools to manage their money," said Jamie Warder, Executive Vice President and Head of Digital Banking at KeyBank. "The advantage of digital banking tools is that they are not one-size-fits-all solutions. With widespread economic fallout resulting from the pandemic, it is understandable that younger Americans are seeking guidance from trusted financial advisors ...

Young Adults and Adults Over 75 Most Vulnerable to Fraud Attacks

2021-02-23  |  fraud cyber 

... ...

American Consumers Turn to Stock Market amid Pandemic Restrictions and Stimulus

2021-02-09  |  investing 

... s now back near the pre-pandemic average of 6%. Unsurprisingly, more than half of US consumers continue to name the economy (26%), health (18%), or job security (9%) as their top concern for the months ahead. Notably, however, focus on all three areas was lower in Q4 compared to Q2, in the early months of the COVID-19 crisis. Source: The Conference Board ...

Texting Is the Best Way for Businesses to Reach Consumers Quickly

2021-02-09  |  communication 

... cator for the small business community, which has taken the biggest hit from COVID-19 – when asked how their shopping habits have changed, 36% of consumers said they’re buying more from small and local businesses since the pandemic set in. Source: ZipWhip ...

Digital Banks Should Focus on Growing Share of Banking

2021-02-01 14:00:00  |  banking 

...  traditional accounts — 77% say they'd never do so. Hybrids are simply open to trying new accounts that meet their needs. Why do so many consumers hold multiple bank accounts? Nearly half of the U.S. population owns multiple accounts. For many, budgeting is a key factor, with 46% opting to leverage their accounts to separate funds for everyday spending. Once digital banks have homed in on their target consumer, the research showed there are a few key ways to reach them. Consumers are largely becoming aware of digital banks via digital channels, including online (40%) and via social ...

Digital Banking Grows During Covid-19

2021-02-01 09:22:18  |  banking digital 

... ion that exists in their marketing so consumers won't feel compelled to shop around, and excel in the basics of opening accounts, so prospective buyers don't drop off." Source: Bain & Co....

More Consumers Willing to Share Lifestyle Data for Behavior-Based Insurance Premiums

2021-01-26 14:00:00  |  insurance 

... nts to 71%. However, consumers overall still trust human advisors more than digital touchpoints for certain services. One example: Half (49%) of consumers trust a human advisor in a branch when making an insurance claim, while only 12% trust an automated digital service and just 7% trust a chatbot. "Insurers still have much to do to fully address new customer behavior caused by the pandemic, including permanently raised expectations regarding digital experiences,” said Todd Staehle, who leads the Insurance industry group for Accenture Interactive. "Insurers need to master a delicate ba...

Rewarding Card Spending with Stock Ownership Drives Greater Lifetime Value

2021-01-26 12:02:00  |  credit stock ownership 

... t card spending can have on user behavior. The data indicates an owner drives 33% more lifetime value than a customer does. The Bumped pilot ran for two years and rewarded over 13,000 US consumers in fractional stock rewards when they spent at more than 80 brands. Once rewarded in stock by a brand, the average Bumped user showed a 43 percent increase in monthly spending, with a 1.5x increase in monthly visits to brands that rewarded them in stock when they purchased. The average reward-spend-ROI across all 80 brands was 23x. Customer Lifetime Value is nuanced and personalized to every br...

Online Car-buying Drives Consumer Satisfaction

2021-01-25 09:21:00  |  transportation automation 

... rding to the study, 64% of shoppers want more of the purchase process to happen online, compared to the last time they bought a vehicle. But consumers are not the only ones that see the appeal – and the benefit – of the shift to digital retailing. Sixty-one percent of franchised dealers note that digital retailing efforts are allowing them to spend less time on a sale; more than half believe it helps them improve the customer experience. Importantly, 75% of dealers agree that digital retailing provides shoppers a more customized experience, a key to higher satisfaction with the shopping...

In-Home Data Usage Surges Throughout Pandemic

2021-01-22 12:00:00  |  data pandemic 

... g consoles in favor of smart TVs in 2020, households continued to consume data in very similar ways to how they did in 2019. Throughout the COVID-19 pandemic, consumers had adapted to a modified way of life. As lockdowns had eased, data consumption growth appears to have begun to slow in comparison to the peak months in early 2020. Comscore will continue to monitor these changing consumption habits on its Coronavirus Insights Hub. To learn more about how Comscore can provide you with custom insights, contact us today. Source: Comscore...

Auto Sales to Jump in 2021

2021-01-21 14:00:00  |  transportation spending 

... fordable options in the new car market are growing increasingly scarce as automakers shutter their car lines, which Edmunds experts say will create a barrier to entry for many consumers and force 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 environme...

Almost One-Third of Americans Lost Health Coverage in 2020

2021-01-18  |  healthcare insurance 

...  who have used the health insurance marketplace think there aren't enough choices, but 33% feel there are too many choices. 59% like having choices, but 29% would prefer a single option. And 40% of those who have a marketplace health insurance policy said they liked their employer-sponsored policy better. According to ValuePenguin.com Health Insurance expert Sterling Price, "As seen in this survey, purchasing individual health insurance can be a confusing and daunting process to undertake for many Americans." He adds, "Knowing some of the basics about these policies and what to look for can...

One-Fourth of U.S. Households Plan To Cut Cable In 2021

2021-01-14 20:00:00  |  spending entertainment 

... services, these gaps are only going to widen.” As Americans shift to CTV, there’s a limit to their tolerance for subscription services. Fifty-one percent of U.S. consumers are unwilling to spend more than $20 in total per month on streaming subscriptions, according to the survey. Furthermore, U.S. TV viewers are more than five 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...

Upgrade Launches Rewards Checking Account

2021-01-14  |  payments banking credit fintech 

... h the Visa network. Upgrade Card has been rapidly gaining mainstream adoption with an annual rate of $1 billion in new credit lines already being made available to consumers. Over 1 million consumers now apply for an Upgrade Card or loan each month. Upgrade's Rewards Checking accounts are now available online at Upgrade.com/rewards-checking/. There is no minimum account balance, no account fees, no overdraft fees, no annual fees, and no transfer fees. Upgrade charges no ATM fees, and Upgrade will rebate any ATM fee charged by another institution for Upgrade VISA® Debit Card ATM withdrawals...

Most Americans Plan Post-Vaccination Splurge

2021-01-13 15:00:00  |  pandemic spending 

... the pandemic, primarily grocery delivery and first-class travel. However, there are some things consumers won't go back to even after a vaccine is widely available, especially dining out and going to the movies. That split is the pandemic's economic impact in microcosm. Many Americans are thriving financially, having benefited from staying at home, reducing their spending and paying down debts while maintaining their jobs and their incomes. Millions of others, however, have been devastated financially in the wake of the COVID-19 pandemic and are struggling just to keep the lights on and foo...

Consumers Expect Higher Medium Term Inflation and Home Price Growth

2021-01-13 14:00:00  |  consumer expectations housing inflation 

... heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time. Source: Federal Reserve Bank of New York...

Global Consumer Confidence Improved in Fourth Quarter

2021-01-13  |  global confidence 

... 2021 will likely offset the full impact of the vaccine in the short term.   Source: The Conference Board ...

Women Open To Retirement Planning Advice

2021-01-12 12:05:00  |  women retirement 

...  or not well understood for men and women alike, further underscored by consumers’ lack of confidence: Only one in four women (14%) feel knowledgeable about retirement income planning. Four in ten women (43%) feel less comfortable with investment risk because of the COVID-19 crisis. Only 16% of women feel very knowledgeable about investment considerations for retirement planning, though self-reported knowledge seems to increase with age and assets. Even fewer – 14% of women – feel knowledgeable about strategies for sustaining income in retirement. Yet women demonstra...

Contactless Payments Are Here to Stay

2021-01-12 11:01:00  |  payments 

... markets surveyed to do so. Source: Visa Inc. ...

Economic Optimism Index Is Back in Positive Territory

2021-01-12  |  consumer confidence 

...  Optimism Index has three key components. This month, all three increased. The Six-Month Economic Outlook, a measure of how consumers feel about the economy’s prospects in the next six months, increased by 1.9%, moving from 46.3 in December to 47.2 in January. The component, however, remains in negative territory for the third consecutive month. The Personal Financial Outlook, a measure of how Americans feel about their own finances in the next six months and the only component in positive territory, rose by a slight 0.2%. It moved from 56.4 last month to 56.5 this month. Conf...

Pandemic Impacting Consumer Car Buying Behaviors

2021-01-11 14:59:00  |  transportation 

... ying process with more than half (59%) of U.S. consumers preferring to interact with a franchised seller. One virtual transaction that engenders a high level of interest globally is "virtual servicing," where a vehicle is picked up from a home or office when it needs service. Consumers in the U.S. (46%) are largely in favor of the added convenience, provided it comes free of charge. Source: Deloitte...

Majority of Americans Plan to Spend Stimulus Check on Household Bills

2021-01-08 12:05:00  |  spending 

... ort revealed how much consumers pay per bill each month, suggesting that the $600 checks won’t last very long. Key findings from the $600 Stimulus Check Impact Report include: While more than half of all Americans believe they will receive a stimulus check, many are unsure: 53% believe that they will receive one37% don’t know if they will receive one10% don’t think they will receive one The majority of Americans plan to use their stimulus check as soon as they receive it: 59% will use the money to pay household bills11% will use the money to keep their ...

Consumer Confidence in Housing Falls Again as COVID-19 Pandemic Surges

2021-01-08  |  housing 

... . "Both the 'Good Time to Sell' and 'Good Time to Buy' components fell significantly, with respondents overwhelmingly noting the unfavourability of economic conditions. In particular, the sell-side component fell for the first time since April and by 18 points, reversing most of the increases of the past three months and implying to us that, at least temporarily, potential home sellers might wait to list their homes. If so, this could have the effect of perpetuating already-tight inventory levels and supporting additional (albeit lesser) home price growth, which could contribute to a further m...

Consumers Opting for Larger Vehicles During Pandemic

2021-01-05  |  spending automotive 

... % increase year-over-year compared to Q4 of 2019. The average amount financed and average monthly payment also saw quarterly and yearly increases. "We're seeing more consumers who typically would fit the bill as new-car shoppers turning their focus on the used car market thanks to a good supply of near-new, off-lease vehicles hitting the market," said Caldwell. Source: Edmunds ...

2020 Bankruptcy Filings Lowest in 35 years

2021-01-05  |  bankruptcy 

... ies attempt to ride out this storm.” “New bankruptcy filings continue to slide into record territory as the global pandemic spurs regulatory intervention to keep U.S. consumers and businesses afloat,” said Chris Kruse, senior vice president of Epiq AACER. “The second stimulus package totaling over $900 billion is getting capital into the market and delaying bankruptcy filings across the country.” Chapter 13 non-commercial filings in December decreased 46% in 2020 with 147,144 filings, down from 272,420 filings for all of 2019. Chapter 7 non-commercial filings were down 22% in...

COVID-19 Impacting Short Term Retirement Planning

2021-01-04  |  pandemic retirement consumer confidence 

... ing to 2021, consumers identify what’s most important and where they need help Poised with caution and maintaining a positive outlook toward the coming months, workers and retirees call attention to what they feel is most important in life, notably: health (56%) financial security (49%) having a close-knit family (35%) Principal conducts periodic “pulse” surveys with customers, financial professionals, and consultants to gain their insights about how timely topics might be impacting them. The November survey findings explore consumer concerns and actions surroundin...

Lemonade Ends Year With Over One Million Active Customers

2020-12-31  |  insurance fintech insurtech 

... -free digital experience with lightning-fast claim payments, best-in-class customer service, and an unconflicted business model. Source: Lemonade press release and Investor Relations documents ...

U.S. Retail Sales Grew 3.0% This Holiday Season

2020-12-26  |  holiday retail sales 

...  the importance of omnichannel offerings. Buy online, pick up in store as well as technologies like contactless were key for retailers this season. This season, U.S. consumers shopped far earlier than in years past, as retailers offered special promotions early and often. In addition, though Black Friday was down (-16.1%*), Thanksgiving weekend through Cyber Monday remained a key time for shoppers, with Black Friday being the top spending day of the 2020 holiday season. Source: Mastercard SpendingPulse: U.S. Retail Sales* Grew 3.0% This Holiday Season ...

Consumer Confidence Declines Again in December

2020-12-22  |  consumer confidence employment 

...  to 22.2 percent. Regarding their short-term income prospects, the percentage of consumers expecting an increase rose marginally from 16.0 percent to 16.8 percent, while the proportion expecting a decrease declined marginally from 14.5 percent to 14.3 percent. Source: December 2020 Consumer Confidence Survey® The Conference Board / Release #8001 ...

Credit Access Survey Shows Plunge in Credit Demand and Access

2020-12-21  |  credit cards mortgages borrowing 

... ic Data today released results from its latest Survey of Consumer Expectations (SCE) Credit Access Survey, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access. The survey is fielded every four months, most recently in October 2020, and a press release summarizing trends from the past year is issued annually. The latest Credit Access Survey reveals the stark imprint of the pandemic on consumer credit markets, with most credit application and acceptance rates falling sharply after February 2020. Application and acceptance r...

Consumers’ Spending Expectations Rise Despite Flat Income and Earning Expectations

2020-12-14  |  income spending credit 

...  nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time. Source: New York Federal Reserve...

Lemonade Launches Renters Insurance in France

2020-12-08  |  insurance europe fintech insurtech 

... th a few taps.” The Lemonade product in France is crafted specifically with the French customer in mind, but will also embody what’s loved by Lemonade’s consumers elsewhere: a simple and delightful experience powered by artificial intelligence, instant claims, and the ability to support local and global charities through the company’s annual Giveback. Additionally, and similar to the German and Dutch products, the French product has the added benefit of being based on the company’s Policy 2.0, a new kind of insurance policy made for the 21st century. Policy 2.0, currently avail...

Americans Dig Deep to Stay Strong

2020-10-06  |  consumers pandemic 

... te the experience has renewed and strengthened connections with friends and family. And, when thinking about challenging events, many discovered something unexpectedly good came out of the experience....

Consumers focus on saving

2020-09-02 09:26:29  |  consumers 

... t (44%) of consumers have also increased their online shopping habits overall. But while many are changing what they purchase and how, the survey also reveals that 4 in 10 of consumers are making fewer impulse purchases, highlighting that many are being more deliberate about what they purchase....

Plurality of Voters See No Difference Between Candidates as Best For Personal Finances

2020-08-24 09:26:29  |  politics 

... only the youngest and poorest consumers favored Biden over Trump, as the best Presidential candidate for personal finances. The major finding, however, was that in nearly all subgroups more consumers thought it would make no difference to their personal finances whoever was elected; the exceptions were among the oldest and richest subgroups who gave Trump a slight advantage. As might be expected, responses followed along party lines with three-fourths (75%) of Republicans favoring Trump as the Best Candidate for Personal Finances. Democratics were possibly more pragmatic, with just 56% f...

Consumer Expectations Plateaued in July

2020-08-10  |  inflation household finances 

... ion expectations increased 0.2 points at the one-year and three-year horizons, respectively, while disagreement about future inflation also increased. The Fed reported a slight increase in consumers' median inflation expectations for a one-year time horizon, increasing from 2.7% in June to 2.9% in July, above its 12 month trailing average of 2.5%. Consumers continue to relatively pessimistic about their household finances with median expected household income growth remained steady at 2.1% in July for the second consecutive month, which is well below its 2019 average of 2.8%. One-year ...

Growing Consumer Preference for Financial Advisors of Similar Demographic

2020-06-25 09:26:29  |  advice 

... nder. Women today are five times more likely than men to use a female advisor, up from four times in 2019. Diversity Programs Support Hiring Success As consumers increasingly prefer to work with an advisor of a similar profile, many advisory firms are making a concerted effort to diversify their talent pool. Firms are primarily looking to better connect with diverse clients, widen the pool of potential financial advisor candidates, and add unique perspectives to the thinking of the firm. Today, more firms consider “increasing the diversity of staff” a strategic priority than in 2019 ...


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