After 7 years of cutting back on shopping, the surveys show that the consumers are ready to get back on track. Opening their wallets more wisely, consumers’ shopping habits have changed dramatically and thanks to the latest Consumer Report we can learn what is new “normal” for shoppers. It is worth mentioning that the online sales have increased by 55% in 2013.
The 2007 is known for turning American shoppers from free-spender to scrimper. In USA, Canada and UK, the statistics show that people buy less houses, cars, items, clothes and haircuts. Unfortunately, the big moments such as fancy weddings and having babies are postponed too. But now the ever-rising optimism starts to surface and after excruciating 7 years of belt tightening, we are ready to shop again, yet under new conditions. By the way, for your next “money planning and spending options” use To Do Checklist shopping list.
Renewed Buying Habits
– Today, people are found to be shopping for houses, apartments, vehicles and appliances.
– They plan to spend more money in the upcoming 2015.
– What used to be on back burner like vacations, home renovations and costly divorces are now back.
– 7 out of 10 individuals are ready to make grandiose purchases that they were putting off for long.
– 18-34 young age group is ready to invest into buying a home or a car.
– 6 out of 10 confessed they have already made large purchases in 2013 (homes, cars, condos, refrigerators, TVs, etc.)
Coming Back to Living an American Dream
- In 2014, 46% of survey participants bought new/used cars.
- The average age of vehicle on the roads is now 11.4 years old in comparison to 9.9 y.o. in 2007.
- Real estate is picking up, 12% of people said they bought a new residence and/or plan to buy some more the next year.
- According to Thomson Reuters / University of Michigan study done in summer 2014, 50% of homeowners believe that for the first time in 8 years the prices start to look attractive and they can finally put their property for sale.
- In 2013, the prices finally reached the 5 million mark. It was first set out back in the 2007.
- 1/3 of existing homes are finally getting their long-awaited makeovers.
Consumers Spend their Money More Pragmatically
- 50% of respondents spend more money on groceries (than dining out).
- 1/3 concentrates on their health by buying more of wellness products (vitamins, moisturizers, gluten free food, vegetables, etc.)
- Families buy more of the whole family products (1 shampoo for everyone instead of individual products).
- Also, more people tend to use the products to the last drop (soaps, cleansers, creams, conditioners).
- 41% wait longer between haircuts.
- 57% prefer to paint their nails at home instead of using a salon.
- 43% take “staycations” instead of long trips.
- 48% are now used to packing their own lunch.
Staying Realistic – There is more Room for Love
- 12% are seriously ready to get married.
- 12% are ready to give birth.
- 5% cannot afford costly divorces.
“What is the last thing you’d cut back on?”
– 10% will never part with their gym membership!
– 11% said they will never give up going to Starbucks or Duncan Donut!
– 38% will give up everything else to keep the paid TV services (premium cable, streaming services, and satellite).
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