Nearly half of Americans (45%) expect finances to improve over the
next six months
‘Selfie spending’ on the rise, but everyday expenses are eating into
household piggy banks
Company Website:
http://www.americanexpress.com/consumerresources
NEW YORK -- (Business Wire)
With the holiday season fast approaching, Americans say they’re feeling
more financially stable, according to the latest American
Express Spending & Saving Tracker. 81% of employed
Americans report that their jobs are more than or just as stable as one
year ago (up significantly from 69% in 2011). The outlook is picking up,
but still less than half of consumers expect finances to change for the
better in the next six months (45% vs. 39% in 2013). An increase in
stability could signal a higher willingness to spend, as nearly three
quarters of consumers (73% vs. 66% in 2013) say they’re spending as much
or more than they expected on life’s little extras, like fashion
accessories and leisure activities.
View/download
the American Express Spending & Saving Tracker
“As Americans feel more secure about their jobs and finances, they tend
to spend more on personal items,” said David Rabkin, Senior Vice
President of Consumer Lending Products at American Express. “Our survey
respondents report that they’re spending more or the same on some big
ticket items that they may have deferred during the last few years.”
Large & Small: Where Americans Are Spending it All
With less than four months to go in 2014, more Americans say they’re
planning to make large purchases before the end of the year (62% vs. 51%
in 2013). Additionally, more consumers report having already purchased
big ticket items this year (42% vs. 39% in 2013), including:
-
Major household appliance, such as a fridge or stove (21% vs. 19% in
2013)
-
Car (19% vs. 17% in 2013)
-
Significant home renovation (10%, on par with 2013)
Perhaps having made these large purchases out of necessity, almost half
of Americans say they experienced unforeseen expenses this year (47%),
with car trouble topping the list (46%), followed by healthcare (44%),
home-related improvements and repairs (32%) and education (13%).
While Americans are buying more big-ticket items, they say they’ve also
spent on smaller discretionary items, reportedly spending more than last
year across a variety of categories:
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Category |
|
| 2014 |
|
| 2013 |
|
| % change |
Technology (e.g. computers, TVs, auto electronics)
|
|
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46%
|
|
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39%
|
|
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18%
|
Leisure (e.g. dining, entertainment, travel)
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|
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45%
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34%
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|
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32%
|
Fashion (e.g. clothing, accessories, jewelry)
|
|
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42%
|
|
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36%
|
|
|
17%
|
Home improvements/ remodeling
|
|
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35%
|
|
|
32%
|
|
|
9%
|
Self-maintenance (e.g. health/fitness, grooming)
|
|
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34%
|
|
|
27%
|
|
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26%
|
Dining out
|
|
|
28%
|
|
|
20%
|
|
|
40%
|
|
|
| |
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| |
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| |
From haircuts to manicures and pedicures, Americans say they’ve indulged
more on “selfie spends” this year. Overall, they have spent more on
self-maintenance than previous years (34% vs. 27% 2013), specifically
making more purchases in:
-
Health and fitness (24% vs. 20% in 2013)
-
Grooming/hygiene, such as hairstyling, manicures, pedicures etc. (20%
vs. 16% in 2013)
Consumers Saving Slower and Searching for Deals
With increases in spending, piggy banks are feeling lighter this year,
as Americans report having saved less this year than last year ($7,153
vs. $9,944 at this time in 2013).
This doesn’t mean Americans aren’t still eager to save money on what
they buy, as the majority of Americans (85% vs. 80% in 2013) say they
check for discounts at least once a week. The top ways consumers look
for discounts and coupons include email promotions from retailers (19%
vs. 25% in 2013); coupon aggregator sites 18% vs. 12% in 2013); group
buying sites (18% vs. 12% in 2013) and social media (12% vs. 8% in
2013), among other resources (6% - on par with 2013). In fact, 35% say
they look for discounts once a day or more often (vs. 33% in 2013).
About the American Express Spending & Saving Tracker
The American
Express Spending & Saving Tracker research was completed online
among a random sample of 1,507 adults, including the general U.S.
population, as well as an affluent demographic defined by a minimum
annual household income of $100,000. Interviewing was conducted by
Ebiquity, formerly Echo Research, between August 20 -22, 2014. The
results reported in this release have an overall margin of error of +/-
2.5 at the 95 percent level of confidence. Visit http://amex.co/spendsave
for an archive of consumer spending & saving data across a variety of
topics.
About American Express
American Express is a global services company, providing customers with
access to products, insights and experiences that enrich lives and build
business success. Learn more at americanexpress.com and
connect with us on facebook.com/americanexpress,
foursquare.com/americanexpress, linkedin.com/company/american-express,
twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products and services: charge
and credit cards, business
credit cards, travel
services, gift
cards, prepaid
cards, merchant
services, business
travel, and corporate
card.
About Ebiquity, Plc.
Ebiquity provides independent data-driven insights to global media,
marketing and communications professionals to continuously improve
clients' business performance. This includes specialized services in
research supporting creative testing, brand/advertising tracking,
corporate reputation, brand image, research for public relations and
thought leadership, global media/social media content analysis, and
communications research. Ebiquity acquired Echo Research in May 2011 and
Echo officially started conducting business under the Ebiquity name on
July 1, 2013. Learn more at Ebiquity.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140923006357/en/
Contacts:
American Express
Kimberly Litt, 212-640-0453
Kimberly.b.litt@aexp.com
Source: American Express
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