Posted by During the 2021 Christmas holiday approaching,Mass MutualConsumer Spending and Savings Index Report*Released the data for the current year.The report pointed out that nearly three-quarters of Americans are optimistic about their current financial situation, and more than one-third are "very optimistic."
As Americans are more optimistic about their family's financial situation, Americans plan to spend on the holiday at the end of 2021 also soaring.
Christmas holiday spending: buying gifts, shopping in physical stores
Another sign of increased spending enthusiasm is that 42% of people who plan to increase spending during the holiday season expect to spend $500 more than last year.A quarter of people expect to spend at least $1,000 more. On average, at the end of 2021, Americans plan to spend $1,243 on holiday-related goods.
- 78% of respondents believe thatBuying gifts is the main expense.But at the same time, I think it’s important to be nice to yourself, and nearly half of them will buy gifts for themselves.
- Due to travel (34%), attending/hosting face-to-face celebrations (34%), and event experience (such as performances, sports events) (23%), many people also want to spend more money this holiday.
- 29% of people said they would go shopping in physical stores this year.More than a quarter of people will definitely go shopping in person to avoid potential delivery delays.
- At the same time, for many people, the increase in spending may exacerbate credit card debt.Among those who plan to use credit cards to pay for shopping during the holidays, they will not choose to pay off their credit card debts immediately. 59% of people spend on holidays,It will take at least six months to pay it back.
Millennials: the generation who treats themselves best
American millennials refer to the generation of young people who are now 25-40 years old.
The research report found that even if Americans face various pressures related to the ongoing Covid new coronavirus epidemic,Young people between the ages of 25 and 40 are leading the way in increasing income and improving financial security.
During the COVID-XNUMX pandemic in the United States, more than half of young millennials opened up side jobs or supplemented their sources of income.The main reason for doing this is "the need to spend extra money", followed by pursuing the career they are building or passionate about, and the last reason is because after working from home, more time becomes available.
Long-term work at home makes 80% of people feel a certain degree of burnout (BurnOut).This feeling of exhaustion at work is mainly due to personal reasons, followed by financial pressure, and finally the Covid factor.
And the young millennials are also the best to themselves this year:Nearly half of people are willing to "treat themselves" during the holiday season and buy themselves "gifts" or "health care products".
Financial independence of generation Z young people
这份调查报告还研究了90后，00后以及10后的Z世代年轻人，如今年龄在9岁到24岁之间，调查对象为18岁到24岁的年轻人群体。
The report found that this generation said that their financial situation had changed during the Covid COVID-XNUMX pandemic.
Although one-third of young people began to save money, savings began to increase.At the same time, a quarter of young people said that they feel less confident in their financial confidence (26%) and financial independence (20%).
Worrying about not having enough income to live the life you want
The data points out that although the home ownership rate in the United States has reached the highest level in 9 years, the young generation Z in the United States (18-24 years old) still live with their parents for two main reasons. One is financial independence. , Another reason is to save money.
In this group,Nearly 61% of the group are still taking money from their parents and receiving assistance.The money is used to pay for food, rent/housing, clothes, and monthly living bills.
In terms of investment and financial management, 62% of Gen Z groups did not invest during the Covid new crown virus epidemic.A key obstacle that many people face is,Even if they want to invest (24%), they don’t know where to start—especially women (28%).Another 16% of the group is because they want to invest, but they don't have the money to invest.
The greatest financial pressure of Generation Z in the United States comes from three sources. The top one is the inability to save for future goals (41%), followed by insufficient income to live the life they want (40%), and lack of Emergency funds (40%) and payment of rent/mortgage (27%). (End of full text)
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*"2021 MassMutual Holiday Finances Consumer Spending & Saving Quarterly Index", MassMutual Life Insurance Company, 2021, https://bit.ly/3EhP9t9
