Americans are spending more money this summer than the past two years combined
Americans are going all out this summer and spending $1,700 just on vacations, according to new research.
The study of 2,000 nationally representative Americans unveiled that half of respondents said they are going all out this summer thanks to being vaccinated.
As Americans plan to go all out, their wallets will be impacted — 45% agreed that they plan to spend more money this year than the past two summers combined.
Conducted by OnePoll on behalf of Affirm, the survey found that while Americans plan to spend more, they feel comfortable with it — 48% agreed they’ve saved enough money over the course of the pandemic to spend guilt-free this summer.
Naturally, vacations emerged as the top thing Americans are looking forward to this summer, and that’s where respondents are spending the most (41%). Other social events are also top of mind, so it’s not surprising that over half (55%) want to revamp their wardrobe.
Two in five respondents can’t wait to hit the town and visit their favorite restaurants and bars for happy hour again, 22% can’t wait to go to a sports game and 21% are itching to attend a concert.
After vacations, respondents plan on spending more at restaurants (38%), and on average, they plan to dine out at least four times a week this summer.
For respondents who are planning to date this summer, 88% plan to make the most of the dating scene by going out to restaurants this summer, and one in five plan on spending the most money on dates.
But many are also opting to host at home — 32% of respondents plan to send the most on home upgrades and 25% on hosting friends and family at home.
“After such a tumultuous year, it’s no surprise that consumers are ready to splurge this summer,” said Silvija Martincevic, Chief Commercial Officer at Affirm. “But while many are feeling confident that they’ve saved enough to do so, 44% of respondents are worried about getting too excited and racking up credit card debt.”
Respondents have big plans in mind this summer like visiting family and friends (39%), going on weekend getaways (28%) and attending barbecues (28%).
A quarter of those surveyed said they can’t wait to lounge on the beach again — and 25% also can’t wait to hit their local fairs and carnivals.
With all of this in mind, 40% are worried they may spend irresponsibly.
“Given the fact that spending will undoubtedly go up with summer plans ahead, it is important that consumers understand their options for responsible spending. Buy now, pay later solutions can help consumers remain in control of their finances, while protecting them from hidden charges and fees that they may not be prepared for,” said Martincevic. “We were encouraged to see that 41% of respondents are interested in using a buy now pay later solution for their summer spending, signaling consumers will look to spend responsibly as they enjoy the summer months ahead.”
The most popular categories respondents plan to buy now and pay over time for this summer are clothing (30%), home upgrades (27%), travel (26%) and live events (21%).
TOP ACTIVITIES AMERICANS ARE LOOKING FORWARD TO THIS SUMMER
- Vacations — 43%
- Going out to restaurants, bars, happy hours, etc. –39%
- Hosting friends and family at home — 30%
- Attending a sports game — 22%
- Attending a concert — 21%
- Going on dates — 21%
- Graduation/birthday parties — 20%
TOP THINGS AMERICANS PUT OFF LAST SUMMER AND ARE LOOKING FORWARD TO
- Visiting friends/family — 39%
- Going on vacation — 35%
- Going out to eat at restaurants — 34%
- Weekend getaways — 28%
- Barbeques/cookouts — 28%
- Going to concerts/events — 26%
- Going to fairs/carnivals — 25%
- Beach days — 25%
- Going out to bars — 21%
- Pool parties — 21%
- Graduation/birthday parties — 21%
- Boozy brunch — 14%
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