5WPR Annual Consumer Culture Report Reveals Top Splurge-Worthy Purchases

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Feb 01, 2022, 09:15 ET

NEW YORK, Feb. 1, 2022 /PRNewswire/ -- 5W Public Relations, one of the largest independently-owned PR firms in the U.S., has determined that Electronics and Technology ranks at the top of the list of categories consumers are most likely to splurge on, as determined by their 2022 Consumer Culture Report.

Electronics and Technology ranks first across all age groups for the second year in a row, seeing almost a 4% increase in interest of consumer splurging from 2021. Overall, the consumer categories rank in the following order:

Electronics & Technology (57%)
Health & Wellness (49%)
Home Goods & Furniture (48%)
Dining Out (46%)
Travel & Experiences (44%)
Beauty & Personal Care (42%)
Clothing & Fashion (39%)
Cosmetic Procedures (32%)
Fitness (30%)

Beauty and personal care, health and wellness, and clothing and fashion all experienced a 9% increase in consumers' interest in splurging on goods within these categories from last year.

"As many continue to spend more time at home, whether for work or leisure, consumers are willing to spend more money on the products they're now enjoying more frequently, such as a smart TV or functional furniture," said 5WPR Consumer President, Dara A. Busch. "At the same time, getting dressed up and dining or going out is the new luxury experience. Because they may be partaking in these activities less, consumers are allowing themselves to spend more when they do indulge. The approach to spending in these consumer areas has become quality over quantity."

The introduction of installment payment options has impacted the spending of younger consumers the most, with 44.33% of consumers aged 16-24, and 50.71% of consumer aged 25-24, responding so. And of the 32.12% of all respondents who said installment payment options have impacted their spending, 61.88% responded they are more inclined to purchase a luxury good or service.

"Breaking down a large payment makes a purchase seem less daunting and can entice a shopper to purchase more expensive goods rather than searching for dupes," adds Busch. "Installment payment options are a real game-changer in several industries – electronics and technology, home goods and furniture, and clothing and fashion – which all saw an upward trend in consumers looking to splurge with their purchases."

The research was conducted by Censuswide, with 2,002 respondents aged 16+ across the USA between 11.18.21 and 11.22.21. The survey was conducted from a nationally representative of American adults. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.

About 5WPR
5W Public Relations is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues and ideas. With more than 250 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and Digital Marketing (Social Media, Influencer, Paid Media, SEO). 5W brings leading businesses a resourceful, bold and results-driven approach to communication. 5W was awarded 2020 PR Agency of The Year and CEO Ronn Torossian, was named 2020 Entrepreneur of the Year by the American Business Awards.

SOURCE 5W Public Relations