Americans are feeling more secure at work and spending on fun is up, according to the new American Express Spending & Saving Tracker. But when it comes to saving, people are not expecting to see any changes in their bank accounts any time soon.
This year 81% of employed Americans believe that their jobs are stable, showing a significant increase from 2011, when that number came in at 69%. Respondents were less optimistic about their earning potential. Less than half believe that they will see an upswing in their earning power over the next six months.
Spending is up on big and small items
Perhaps because they are feeling more secure, people are treating themselves to some extras like fashion, trips and dinners out (73% vs. 66% in 2013).
Nearly two-thirds of consumers are planning on making a big ticket purchase before the year is out, up from 2013 when it was just 51%. Many have already made a big purchase or two, whether that was getting a new appliance, a new car or doing a major home renovation.
Life has many twists and turns, which showed up in spending trends this year, with almost half saying that they have had some unexpected expenses this year. Car trouble (46%) took the top spot, followed by medical expenses (44%), home improvements/repairs (32%) and educational activities (13%).
Saving is down, while getting the best deal is up
People are spending more and saving less when compared to last year ($7,153 vs. $9,944 in 2013). But they are still invested in getting a good or great deal with 85% looking for discounts at least once a week, and 35% doing it daily often taking advantage of online resources, whether that’s checking out email promotions, coupon/discount sites, or social media sites.
The survey was conducted between August 20 and 22 and was completed by of 1,507 adults.