What will we spend our cash on once the lockdown is over?

While some states have been easing stay-at-home orders, things certainly aren’t back to normal. A lot of the fun things folks like to do, like shopping and eating out, are still pretty limited, but it seems folks are already dreaming about how they want to spend their dough once things get back to the way things used to be.

A new survey by CompareCards finds:

  • Once social distancing guidelines are lifted, the first things most people want to spend money on include:
    • Eating out at a restaurant (26%)
    • Traveling to visit family (15%)
    • Getting a beauty treatment like a haircut or manicure (13%)
    • Booking a vacation (9%)
    • Shopping (6%)
    • Getting drinks at a bar (6%)
    • Physical activity like joining a gym (4%)
    • New decor or furniture (2%)
    • Non-essential health treatment such as a massage (2%)
    • Tickets to an event (2%)

While lockdown has been hard on a lot of people, on the positive side the average American has been saving money by not being able to go out.

  • In fact, the average person has saved about $330 because of reduced expenses.
  • That number goes up to $400 for millennials, and $432 for parents with young children. 

But once stay-at-home orders are lifted completely, folks are ready to use that saved money to splurge.

  • The biggest splurge folks are planning is a vacation (19%).
  • Other splurges include:
    • Pricey home repair (11%)
    • New clothes or accessories (10%)
    • Expensive meal out (10%)
    • New car (9%)
    • New furniture or home décor (6%)
    • Pricey car repair (6%)
    • Expensive spa or beauty treatment (5%)

Source:CompareCards


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