Welcome to The Savings Scene by Accrue, your go-to source for data-driven consumer insights on all things saving and spending.
With 2023 right around the corner, everyone wants to know what the new year will bring. So we surveyed over 1,000 US consumers to learn how their financial habits have changedin 2022 and break down what it means for the year to come.
2023 Will Be the Year of Uncertainty
People’s uncertainty of the future is causing them to change their spending and saving habits.
- General inflation, increases in cost-of-living expenses, and general uncertainty are heavily impacting non-essential spending
- One-third of Boomers and Gen X have scaled back spending because they believe a recession is coming
- 56% of respondents expect the cost of essentials to increase over the next 12 months
Consumers Will Keep Postponing Big Purchases
As people scale back spending, they are also holding off on big purchases.
- 38% of respondents postponed a major purchase to 2023 (44% for Millennials)
- The top reasons why consumers are postponing big purchases are prioritizing more important items, reassessing budgets, and failing to meet savings goals
- 44% of respondents decided not to go through with a purchase they had been saving up for in the past six months
Long-lasting Furniture Will Outshine Fast Furniture
Fast furniture experienced a boom during the pandemic but people are realizing these items were not made to last.
- 22% of respondents are actively saving up for home goods or furniture
- Over half of the respondents were saving up for a new couch or sofa and 35% were saving up for a new bed
- Fast furniture retailers are increasing prices by up to 80%
Crowdfunding Purchases Will Gain Momentum
Younger consumers are interested in crowdfunding their purchases as they look for better ways to shop.
- 60% of respondents expressed interest in retailers offering “crowdfunding” options for purchases
- Over 70% of Millennials and Gen Z are interested in having a “crowdfunding”option for their purchases
Accrue Savings is a brand-embedded savings account that provides a sustainable, credit-free payment option for customers. With Accrue’s savings-oriented experience, customers are empowered to make their purchases on their own terms. Accrue can turn passive shoppers into active buyers, reduce advertising costs for your brand, and help lock in predictable revenue for your business. Want to learn more? Go to https://www.accruesavings.com/business
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