Americans' Spending/Saving Plans Suggest Cautious Optimism

NEW YORK, Dec. 18, 2014 /PRNewswire/ -- As the year comes to a close, Americans plan to become more relaxed in their spending habits, as intentions to decrease key types of spending continue to decline in comparison to a year ago. Plans to purchase big ticket items remain largely consistent and fewer Americans are making small ticket spending/savings efforts than have in the past several years. However, this appears to point at least in part towards stabilizing attitudes rather than pure optimism, as intentions to save or invest more money as well as the expectation to have more money to spend the way they want have also decreased since this time last year.

These are some of the results of The Harris Poll® of 2,276 U.S. adults surveyed online between November 12 and 17, 2014. Full results of this study, including data tables, can be found here.

To spend or to save, that is the question

Just under half (48%) anticipate saving or investing more money in the next six months, down 10 points from this time last year (48% in December 2013), and only 32% expect to have more money to spend the way they want, also down from last year (38%).

• Millennials are more likely than any other generation to anticipate saving or investing more money in the next six months (63% vs. 47% Gen X'ers, 39% Baby Boomers, and 33% Matures) and having more money to spend the way they want (43% vs. 30% Gen X'ers, 28% Baby Boomers, and 20% Matures).
• Those with children in the household are more likely than those without to expect to save or invest more money in the next six months (55% vs. 45%, respectively).

While still over half of Americans (52%) expect to decrease spending on eating out at restaurants, this is down 4 points from June of this year (56%) and 3 points from December 2013 (55%). Similarly, half of Americans (50%) anticipate that they'll reduce spending on entertainment in the next six months, down 3 points from June (53%) and 2 points from December (52%).

• Generational differences exist in future spending/savings intentions, with Matures less likely than all other generations to anticipate decreasing spending on eating out at restaurants in the next six months (38% vs. 57% Millennials, 53% Gen X'ers, and 52% Baby Boomers).
• Additionally, those with children in the household are more likely than those without to decrease spending on eating out at restaurants (61% vs. 48%, respectively) and reduce spending on entertainment (56% vs. 48%, respectively).

It's the little things

Looking back on saving efforts in the past six months, the biggest thing Americans have focused on is purchasing more generic brands, with over half opting to do so (54%). This effort is showing a gradual decline though, down 2 points from June (56%) and 4 points from last year (58% December 2013). This habit is particularly popular among women compared to men (59% vs. 48%). In fact, most small tickets spending and savings efforts over the past six months have decreased in the past year. However, one third of Americans began brown bagging lunch instead of purchasing it (37%) and went to the hairdresser/barber/stylist less often (33%) to save money.

Looking across generations, some differences exist among these top three thrifty habits:

• Matures are the least likely to have cut down on trips to the hairdresser/barber/stylist (23% vs. 36% Millennials, 36% Gen X'ers, and 31% Baby Boomers).
• Matures are also the least likely to have switched to brown bagging lunch instead of purchasing it (10% vs. 43% Millennials, 46% Gen X'ers, and 33% Baby Boomers).

Interestingly, those with children in the household are more likely than those without to have upped their brown-bagging efforts as well (48% vs. 32%, respectively).

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Methodology

This Harris Poll was conducted online, in English, within the United States between November 12 and 17, 2014 among 2,276 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, The Harris Poll avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in our panel, no estimates of theoretical sampling error can be calculated.

These statements conform to the principles of disclosure of the National Council on Public Polls.

The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of The Harris Poll.

Product and brand names are trademarks or registered trademarks of their respective owners.

The Harris Poll^® #113, December 18, 2014

By Allyssa Birth, Senior Research Analyst, The Harris Poll

About The Harris Poll®

Begun in 1963, The Harris Poll is one of the longest running surveys measuring public opinion in the U.S. and is highly regarded throughout the world. The nationally representative polls, conducted primarily online, measure the knowledge, opinions, behaviors and motivations of the general public. New and trended polls on a wide variety of subjects including politics, the economy, healthcare, foreign affairs, science and technology, sports and entertainment, and lifestyles are published weekly. For more information, or to see other recent polls, visit the Harris Poll News Room.

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SOURCE The Harris Poll

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