NEW YORK, Sept. 18, 2017 /PRNewswire/ -- Nearly half
of Americans (49%) indicate they are very likely to make a
considerable purchase – like furniture, a television, a smart
phone, a computer, an airline ticket or large home appliance –
before the end of the year, according to a new Bankrate.com report.
Only 17% say they are not at all likely to purchase any of these
items. Click here for more information:
http://www.bankrate.com/credit-cards/big-purchases-survey/
Of the 116 million people who indicate a high likelihood of
purchasing at least one of these things in 2017, 57 million say
they are very likely to purchase an airline ticket, the top
selection amongst the six categories. Another 40 million say they
are somewhat likely, meaning more than 2 in 5 (41%) could
reasonably be in the market for airfare in the year's final
months.
One-third of Americans indicate they are somewhat or very likely
to purchase furniture during the remainder of 2017, the second most
popular choice. Computers (28%), smart phones (25%), home
appliances (25%) and televisions (23%) do not see quite the same
level of interest, but tens of millions are still somewhat or very
likely to purchase these items this year, nonetheless.
This confidence from Americans about planned sizable expenses
coincides with the Commerce Department's report that GDP increased
3.0 percent in the second quarter, noting a rise in consumer
spending. Not coincidentally, Bankrate.com's Financial Security
Index recorded its third highest reading ever last month.
"With the economy continuing on the right track and the holiday
season quickly approaching, Americans are already anticipating
purchasing big ticket items like airline tickets, televisions and
computers," said Bankrate.com credit card analyst Robin Saks Frankel. "Responsible budgeters
should plan ahead and shop around for the right credit card to
either help put money back in their pockets with sign up bonuses
and rewards, or spread out large purchases with 0% intro APRs."
Younger millennials (18-26) are the age group who indicate the
highest likelihood of making at least one of these purchases in
2017 (68%), including 28% who are very likely to buy a desktop,
laptop or tablet computer.
Gen Xers are not far behind, though; 62% of those ages 37-52 are
also very likely to purchase at least one of these items this year.
More than one-third (34%) of Gen Xers are very likely to purchase
an airline ticket and 27% are very likely to purchase
furniture.
Overall, full-time workers, high earners ($75K+ per year),
college graduates and Democrats are the most likely to indicate a
high probability of buying at least one of the items before year's
end.
However, the lowest income households (under $30K per year) are almost twice as likely to
indicate a somewhat or high probability of purchasing a television
this year than peak earners (31% vs. 16%). Similarly, those making
less than $50K per year are more
likely to be somewhat or very inclined to purchase a desktop,
laptop or tablet computer than those who make more than that (34%
vs. 25%). The same holds true for a home appliance such as a
washing machine, dryer, dishwasher or refrigerator (30% vs.
20%).
So, what do the highest earners plan to splurge on at some point
this year? Airfare. Sixty-five percent of those earning $75K+ per
year indicate they're somewhat or very likely to purchase an
airline ticket, compared to 31% of those making less than
$30K annually.
The survey was conducted by Princeton Survey Research
Associates International. PSRAI obtained telephone interviews with
a nationally representative sample of 1,003 adults living in the
continental United States. Interviews were conducted by
landline (502) and cell phone (501, including 327 without a
landline phone) in English and Spanish by Princeton Data Source
from August 17-20, 2017. Statistical results are weighted to
correct known demographic discrepancies. The margin of sampling
error for the complete set of weighted data is plus or minus 4.0
percentage points.
About Bankrate.com:
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today,
The New York Times and The Los Angeles Times.
For more information:
Ryan Feldman
Public Relations Specialist
ryan.feldman@bankrate.com
917-368-8637
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SOURCE Bankrate.com
