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Regional Consumers Are Weary of Rising Prices and Economic Stability, Spurring Delays in Large Purchases and Expected Decreased Holiday Spending, WSFS Bank’s Money Trends Survey Finds
Generation Z more optimistic that they will spend more on gifts this holiday season, prefer to celebrate locally versus traveling WILMINGTON, Del., Nov. 08,
About this update from Wsfs Financial Corporation
[{"type":"text","content":"Generation Z more optimistic that they will spend more on gifts this holiday season, prefer to celebrate locally versus traveling\nWILMINGTON, Del., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Nearly half (49%) of Americans cite wanting financial stability as the reason why they are saving more now versus earlier in the pandemic and about 42% of Greater Philadelphia and Delaware residents agreed. However, inflation’s impact on prices and the overall economy has many of them preparing to spend less on gifts, dining and travel this holiday season, according to a new WSFS Bank Money Trends study. The study, which surveyed 1,250 Greater Philadelphia and Delaware region consumers and 2,000 consumers nationally, measured current spending and saving trends and economic sentiment among adults ages 18-55. Economic Confidence Waning Four in 10 (41%) regional residents felt the local economy was strong, expressing more confidence than they have in the U.S. economy, which only 31% currently view as strong. However, 54% are concerned about their personal finances and one-third are saving more money as a result, citing concerns about inflation and the economy (28%) and saving for the holidays (24%) as their top reasons for saving more. Nationally, an even larger number of respondents are concerned about ensuring their financial stability, as nearly half (49%) cited it as their top reason for saving more. “Saving money is always a good financial habit, and to see that one-third of respondents are saving more is encouraging,” said Shari Kruzinski, Executive Vice President and Chief Customer Officer for WSFS Bank. “It is also important to recognize that there is more work to be done to ensure all Americans can feel confident in their finances, build savings and achieve their financial goals. No matter where someone’s personal finances stand, it is important to talk to their banker, tax or financial advisor, or someone else they can trust to put a plan in place.” Inflation’s Impact on SpendingRegionally, four in 10 (41%) respondents are spending more than they were earlier in the pandemic, but rising prices are holding nearly one-quarter (24%) of them back from making large purchases or buying other products they would normally purchase because they have become too expensive (35%). Higher prices are also causing 26% of regional respondents to dine out less...