Regional Consumers Weary of Rising Prices and Economic Stability, Spurring Delays in Large Purchases and Expected Decreased Holiday Spending
educating-myself | Read Time: 2 minutes
By WSFS Contributor | Published: November 2021
According to a new WSFS Bank Money Trends study, 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.
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.
Check out the infographic below to learn more about the study’s key findings.
Many people know the importance of establishing and building credit and using it wisely, so they have good credit. While there are many tips and resources to learn how to manage credit, reduce debt and increase their scores, the types of credit available to them and which are best suited to their needs can sometimes be overlooked.Read More
As consumers throughout the Greater Philadelphia and Delaware region gear up for the holiday shopping extravaganza, experts are warning us about supply chain issues, rising prices, shipping delays and more obstacles to find the perfect gifts for our friends and family. The solution? Do your holiday shopping on Main Street this year.Read More
Saving and spending are always hot topics this time of year, as holiday shopping is in high gear and people start thinking about their 2022 budgets. This year is no different, with four in 10 (42%) of people in the Greater Philadelphia and Delaware region planning to save more to help ensure future financial stability, according to a recent WSFS Bank Money Trends survey.Read More
With the holidays fast approaching, consumers are understandably concerned about the impacts of inflation, supply chain issues, and recommendations from retail experts to shop even earlier than normal. Add in the fact that four in 10 (42%) of Greater Philadelphia and Delaware region consumers are saving more now than they were earlier in the pandemic because they want more financial stability, according to a new WSFS Bank Money Trends study, and it explains why consumers are preparing to spend less on gifts, dining and travel this holiday season.Read More
It seems everywhere we turn right now, experts are telling us to start our holiday shopping early, as supply chain challenges are expected to impact inventories for a large variety of products through the end of the year and possibly beyond.Read More