2024-05-13 | economy retirement
... t 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 recession poses the most...
2024-01-16 | consumers economy spending
... lectronics, furniture, home repairs, vehicles, and vacations. Meanwhile, it increased for buying a home. This finding is consistent with households expecting a smaller increase in overall spending dollars over the next 12 monthsReported expected spending responses to an unexpected 10% increase in income show an average 38.4% would be used by households to pay down debt (up from 33.8% in December 2022 and the highest reading since August 2016), 45.6% would be saved or invested (down from 47.7% in prior year), and 16.0% would be spent or donated (down from 18.5% in prior year and the lowest read...
2023-05-24 10:23:10 | investing
... l media to learn about investing: Almost half of U.S. Gen Z investors (48%) use social media to learn about investing. It is the top information source for Gen Z investors in the U.S., Canada and the UK. It is the fourth most popular option for those in China, with the top information source being financial apps.Barriers to investing remain: Lack of savings is the top reason Gen Zs in the U.S., Canada and China cite for not investing, whereas the top barrier for Gen Zs in the UK is not having enough income or living paycheck to paycheck. Over half of Gen Z investors in the U.S. (56%), Can...
2023-01-30 | consumers economy
... g 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 consumer assumption that their salaries will rise this year is proven accurate, it will limit the impact of the Fed to curb inflationary pressures," said Nayar. "Until the economy recovers, more Americans of all incomes will say they live paycheck to paycheck. Consumers must review spending and save for the unexpected now more than ever."...
2022-07-14 12:00:00 | consumers economy
... iggest hike by the Fed in nearly 30 years. Still, about the same percentage (39%) say they plan to take a vacation in the next 12 months. Many rethinking future financial plans. Forty-two percent say they plan to work longer before retirement, and three-quarters (75%) of employed middle-income Americans say 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. ...
2022-05-19 12:02:00 | retirement
... and buying a home (16%). Here too, Millennials are feeling the impacts of inflation on their short-term financial goals: 36% report delaying vacation, paying off credit card debt (29%), buying a car (26%) and buying a home (26%). “Creating a financial strategy is not something that should be done once and never thought of again until retirement. Ever-changing market environments can sometimes mean making difficult choices, as evident by the data showing Americans are contributing less to their emergency funds,” continued Huang. “That’s why it’s critical to seek the help of a trus...
2022-04-26 12:00:00 | consumers
... rs expect their incomes to increase, up from 15.1%. 13.8% expect their incomes will decrease, virtually unchanged from 13.7%. Source: April 2022Consumer Confidence Survey®The Conference Board ...
2022-04-23 | travel
... 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 until travel and/or gas prices are lower, while 20% of Americans aren’t traveling because they still don’t feel safe due to COVID-19. That’s a sizable drop since a similar question was asked in spring...
2021-08-16 12:00:00 | recreation
... avel for Labor Day this year is over 10% more than the number of people that traveled for Easter and Memorial Day combined. Source: The Vacationer...
2021-06-22 09:08:15 | travel
... without) and spend significantly more (20% with vs. 10% without). Source: Quicken...
2021-06-10 08:52:09 | housing interest rates
... or vacation homes over the last year have already bought them," Fairweather continued. "The pandemic and remote work drove many affluent Americans to relocate to vacation destinations, at least part of the time. But with offices reopening and life returning to some semblance of normal, people are less focused on fleeing to the beach or the lake." Source: Redfin...
2021-06-02 12:00:00 | employment
... conditions. While that may have boosted productivity, that level of performance is most likely unsustainable. Deteriorated levels of employee well-being are also likely related to increased anxiety and stress resulting from multiple factors, such as the global health crisis, the economic crisis, and the lack of childcare," said Robin Erickson, PhD, report co-author and Principal Researcher at The Conference Board. "As some of these situations are resolved or stabilized and organizations make long-term decisions about a future with more remote work, they will need to continuously monitor their ...
2021-05-28 | consumers investing
... 2020—but still down substantially from the 31% who spent on travel a year ago. 17% of consumers reported having no spare cash to spend in February, compared to just 10% in Q4 2020 and 15% in Q1 2020. The proportion of consumers spending on home improvements/decorating—which had surged earlier in the pandemic—fell −3 ppts from the prior quarter to 21%. Likewise, just 13% of consumers reported spending on out-of-home entertainment and new technology products—compared to 21% and 20%, respectively, a year ago in Q1 2020. Spending on essential goods and services—including housin...
2021-05-24 12:00:00 | travel
... rations. "No one should spend their vacation stuck on the side of the road – it's not safe or fun. A successful road trip starts long before you pull out of the driveway with proactive vehicle and tire maintenance." Source: Bridgestone...
2021-05-19 | real estate
... ating to vacation destinations to enjoy the sun and work remotely. Demand for second homes, which are often high-priced properties, has more than doubled. The housing shortage also isn't as severe in the high-priced segment of the market, which may be another factor allowing investor purchases in that tier to outperform, Bokhari said. While investors have been snapping up high-priced homes during the pandemic, they still have the largest market share in the low-priced-home segment—a trend that has held constant for decades. In the first quarter, 1 of every 5 low-priced homes that sold in t...
2021-05-18 | consumers spending
... hree expecting life to get back to normal by this summer, spending this season will favor pleasure whether that means a vacation, home upgrade or getting back to the ballpark. With the confinements of quarantine easing, travelers are taking to the skies and hitting the road to reach their summer destinations. Half of travelers are planning to take a road trip this summer (50%), while two in five plan to fly on an airplane (40%). To celebrate the summer months, a majority of travelers are headed to the beach or lake (39%). Other popular destinations include a national park (21%), a big city (...
2021-05-13 12:00:01 | travel
... es family vacation more enjoyable. Source: Wyndham Destinations...
2021-05-12 12:00:01 | advice financial planning
... e. With the pandemic, we have all collectively experienced a major life event, so it’s particularly important to take the time to create a plan to help ensure your finances are on track and be ready for whatever comes next in your life. We have spent so much of the last year focusing on getting through today, but we’re now seeing an opportunity to look ahead and plan for tomorrow.” Source: Charles Schwab ...
2021-05-10 12:00:01 | real estate
... he combination of the wealthy becoming wealthier, remote work turning into the new normal and low mortgage rates is creating an ideal environment for affluent Americans to buy vacation homes," said Redfin Chief Economist Daryl Fairweather. "As long as the economy continues to grow, I don't foresee demand for second homes slowing down anytime soon." The elevated demand for second homes in the pandemic era is one sign of economic inequality in the U.S., with some buyers able to afford second homes and others unable to become homeowners at all. Home prices are up 27% year over y...
2021-05-10 12:00:00 | demographics travel spending
... eir next trip (close to 60% of respondents), only 40% of high-income Millennials listed this as a concern. "Throughout this pandemic our research and insights have always shown us consumers' resilience and wanderlust to travel. In this latest joint report, it's fantastic to see U.S. traveler confidence returning, especially to destinations further afield," said Christine Maguire, general manager, global media business, Tripadvisor. "What is also encouraging for brands and destinations is that, among those planning to spend more than $5,000 on their next trip, as many as 62%...
2021-04-28 12:00:10 | workplace
... include highly rated gems like Black Sheep Restaurant, Bold Bean Coffee Roasters and Secret Tiki Temple, and vacation getaways like Amelia Island, Ponte Vedra and Jacksonville Beach are a short drive away. 2. Austin, Texas Typical rental rates: $1,323 per month Austin is home to countless cultural, musical, and artistic amenities 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 v...
2021-04-27 09:12:22 | consumers economy
... rease 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® ...
2021-04-20 12:00:09 | housing real estate
... rbated economic inequality. Affluent Americans with the flexibility to work from anywhere are taking advantage of low mortgage rates and buying up high-end houses—particularly in popular vacation destinations—which is contributing to the surge in luxury-home sales. Meanwhile, many lower-income Americans have lost their jobs and lack the means to become homeowners. The 49 most populous U.S. metropolitan areas all experienced growth in sales of luxury homes during the first quarter. The biggest gainer was Miami, where luxury-home sales skyrocketed 101.1% from a year earlier. It was foll...
2021-04-20 12:00:05 | travel
... ic trip and 13% will travel internationally. Americans ready for longer R&R, with 29% taking a weeklong trip and 28% vacationing for 10 days. Most popular travel weeks begin June 21 and June 28, timed around Independence Day. Summer splurge: Over half (53%) of Americans plan to spend more on trips this year vs. last summer, rising to 66% for millennials. Globally, Americans are the biggest summer spenders, planning to shell out 9% more than the average traveler around the world. Hottest amenities: Clean hotels, free cancelations, hotels with restaurants. Beach destinations conti...
2021-04-15 12:00:01 | pandemic retirement
... pondents making less than $50,000 per year do not plan to, or do not know if they will, take any vacations as COVID-19 subsides. Americans making less than $50,000 annually are more likely to spend their stimulus check When asked about how they plan to spend a federal stimulus check, more than half of U.S. adults who are worse off financially since the pandemic say they would use the money to cover daily expenses, such as buying groceries or paying bills. Conversely, more than one third of U.S. adults said they would invest their stimulus payment in a savings or retirement account, though...
... . While that figure dropped sharply from the end of 2020 (down 17 percentage points, from 81 percent) recession concerns remained elevated. Globally, only 41 percent of consumers expected that their economy would be out 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 uncertaint...
2021-04-08 12:00:00 | small business
... d by reports of increasing Covid cases, following a significant jump in air travel associated with spring vacationing in the U.S. Additional highlights: Future business conditions: Respondents see further improvement ahead, with almost 58% of respondents believing that in three months, business conditions will be "better" or "much better" than now, increasing four months in a row from 42.6% in December 2020. Access to funding: Entrepreneurs' concerns abated some, with those seeing funding "harder or much harder" to obtain dropping back to 30.1% in March from 33.1% in February 2021. No...
... r vacation homes during the pandemic is a perfect example of their unequal financial footing, with some people buying second homes and others unable to buy their first," said Redfin Chief Economist Daryl Fairweather. "Home prices just keep going up. That's a good thing for Americans who already own one home because they can take advantage of their increased equity to buy other assets, which in some cases includes another home. But it's bad for lower- and middle-class families, particularly those who are renters, because the barrier to homeownership is getting higher and higher." Home prices i...
2021-03-30 15:00:18 | pandemic recreation
... e 2021 camping season. 24% of respondents are seeing advanced bookings up over 80% for the same period. "The outdoors and camping provide a safer alternative to other forms of travel and vacations," stated Mark Koep, Founder and CEO of CampgroundViews.com. "We expect 2021 to be the year of camping with record numbers of Americans camping in tents, RVs and glamping accommodations." RV park and campground owners expect a surge in new campers in their parks and are already adapting to provide for this audience. "We are sold out every weekend through the middle of July," stated Marcia Neese,...
2021-03-25 09:08:19 | pandemic saving
... t year,” added Fanning. “Building a financial cushion for emergencies and the future, and constantly assessing your financial plans and preparedness against changing circumstances, are key to both navigating current challenges and building financial security for a lifetime.” Source: MassMutual...
2021-03-21 | pandemic
... consumers expected to continue cocooning and keeping their distance from strangersWhile, across the world, consumers are feeling less anxious, some behaviors are not likely to return to pre-pandemic patterns any time soon. Instead, overall many consumers plan to avoid congregating with strangers and continue to consume at home. Travel: In the near-term, pent-up demand for travel indicates a temporary uptick, with 29% of consumers surveyed feeling safe to fly, and 37% of respondents feeling safe staying in a hotel. However, globally, surveyed consumers' net expectations are to fly and stay in...
2021-03-19 12:00:00 | consumers pandemic
... ...
2021-02-09 | investing
... ts during COVID-19," said 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 discreti...
2021-02-03 | employment vacation
... rcent cancelled one or more trips last year due to COVID-19. It's not all bad news, however. With Americans planning to take 13 vacation days this year, up from just 8 days taken in 2020, work-life balance is bound to improve. Source: Expedia ...
2021-01-13 15:00:00 | pandemic spending
... inancially secure again. Key findings 82% of those planning to get vaccinated will splurge on something to celebrate afterward, such as a fancy dinner out or a vacation. That includes 30% who plan to splurge almost immediately after vaccination and 52% who said they'll wait a while before doing so. Millennials are more likely to be planning a celebratory splurge than any other age group. 15% of consumers said they'll never feel secure in their financial position again, even with the promise of a vaccine bringing an end to the pandemic. Women were nearly twice as likely as men to say that...
2021-01-13 | global confidence
... mit expenses on vacations 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 soo...
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