COVID-19 has led to financial uncertainty for many around the globe, but how are those in a higher income bracket faring?
We recently surveyed 1,002 Americans aged 25 to 69 with a household income of $150,000 or higher to gain a sense of how they are spending their money and whether they have any splurges planned post-COVID-19.
Some of their most common recent purchases are a nod to the current dynamic.
While ensuring their pantries are well-stocked with groceries is a priority these days, another common spend among these respondents over the past several weeks is charitable donations (38%). Secondarily purchased are gift cards/certificates to restaurants (27%), workout clothing or athletic shoes (26%) and/or kitchen gadgets/appliances (20%).
In addition to donating to charities and purchasing gift cards, 23% have opened their wallets recently to pay for services they aren’t currently using. Among this group, housecleaning is the top service they continue to pay for (43%), with hair/beauty treatments and/or childcare cited to a more moderate degree (17-18%).
With a number of meat plants closing recently and the impact even felt by fast-food chains, are plant-based products and meat substitutes are having a moment? Of those who have bought meatless products recently, 94% have been consuming meatless alternatives either “about the same amount as prior to COVID-19” (57%) or “more frequently” (37%, led by males).
When it comes to upcoming purchases, wanderlust and maintaining a healthy savings account are prevailing mindsets.
When asked what splurge they are most looking forward to making post-COVID-19, a vacation tops the list by a landslide (61%). Interestingly, the second most common answer (cited by 26%) is“ I prefer to save my money rather than splurging on something.”
Perhaps fueling this latter sentiment is uncertainty about their financial futures, as 81% indicate that since COVID-19 escalated, they are following their investments, stocks, and retirement funds either “very closely” (41%) or “a little closely (40%).”
Looking to gain insights from a specific or hard to reach audience? Please let us know how we can assist you!
Share This Article
Recent Press ReleasesFor College Savings Month, Upromise Shares 10 Things Parents Should Know About College Savings
EL SEGUNDO, Calif., Sept. 23, 2021 (GLOBE NEWSWIRE) -- In recognition of September as College Savin [...]Barclays and Upromise Accelerate Cash Back Rewards into College Savings with Enhanced Upromise® Mastercard® Program
WILMINGTON, Del., March 31, 2021 /PRNewswire/ -- Barclays and Upromise today announced an enhanc [...]Upromise $529 Scholarship Program launches just in time for Back-to-School
Prodege, LLC, a leading online consumer-rewards platform, announced today that Upromise, its recentl [...]