Where do you plan to spend your money? Pt. 3
When it comes to your spending for the home, where do you make sacrifices in order to save money? This will be the last blog in our series examining how people intend to change their spending habits once economic recovery becomes a reality. This time we’re going to focus on how people will spend differently when it comes to purchases made for the home.
During lean times we’re all familiar with making sacrifices to save a buck or two, but where do we make those sacrifices when it comes to the creature comforts of the home, and our home away from home (the car)? Let’s take a look at what the numbers have to say:
A number of people intend to put more money towards their car and home improvements. According to the eBillme Online Spending Index, 18% of Total respondents said ‘Yes’ when asked if they would spend more money on ‘automotive care or car parts ‘ and 12% of Total respondents said they would spend more on ‘Home hardware‘. So these are two areas that can expect to see light growth as the economy recovers.
Moving ahead, there are two areas that can expect to see significant growth as the population’s finances stabilizes. Any guesses? A noteworthy 27% of Total respondents said ‘Yes’ when asked if they intended to spend more on ‘Home appliances or furniture‘. Better income often translates to upgrades to décor and furnishings. During one particular dry spell I remember the leg of my bed broke. We had it propped up on a paint can for months until our financial situation finally improved. When finances aren’t available most people simply put up with their furnishings—no matter what their condition!
Similarly, 33% of Total respondents said ‘Yes’ when asked if they planned to purchase more ‘Electronics ‘ as the economy improves. We can expect to see a significant growth in the sales of big ticket items like new computers, big screen TVs, and stereo equipment as people feel regain confidence in their purchasing power.
Where will we see the least amount of growth, you ask? A mere 1% of Total respondents said they would spend more on ‘Pet care‘. This could be interpreted two ways, either pets aren’t a priority for most people—or the way I prefer to see it: that even during hard financial times, people remain consistent in their spending habits when it comes to pet care. As most pet owners tend to be pretty committed to the needs of their pets I think this is probably the most likely interpretation.
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