Quicken survey shows home and car purchases on hold due to economic uncertainty

Data shows consumers are also forgoing driving, eating out and buying groceries they would buy regularly

MENLO PARK, Calif., July 13, 2022 /PRNewswire/ — Quicken inc.maker of America’s top-selling personal finance software, today shared survey results indicating that the combination of soaring inflation, rising interest rates and Market volatility has a profound impact on consumers’ plans and dreams for car and home buying is rapidly receding.

Nearly a third (30%) of people polled by Quicken had planned to buy a car in 2022, but 60% are now reconsidering their decision. Similarly, 21% had planned to buy a first or new home, and 69% of them are reconsidering.

Projects for 2022

I had planned to…

But now I reconsider or
have completely put on hold

Buying a first or new home

21%

69%

To buy a car

30 %

60%

Outgoing

8%

48%

Quit my job/find a new one

13%

47%

Move to a new city

13%

38%

To marry

6%

38%

Having a first/another child

8%

38%

“In these uncertain financial times, having a clear picture of your finances is more important than ever,” said Quicken CEO, Eric Dunn. “This knowledge can help you understand your options for adjusting your spending so you can stay on track to meet your long-term financial goals.”

People considering renting a new apartment or buying a new house cite the following as having an impact on their desire/ability to move: changes in the rental market (such as rising rents) (37%), rising interest rates (33%), gasoline prices (32%) and the stock market crash (19%).

Of those planning to move in the next 24 months, 37% plan to move to a less expensive location.

In addition to affecting large purchases, current market conditions are also forcing people to change their daily spending. Low-income Americans feel the sharpest pinch, but the pain is widespread: two-thirds (66%) have reduced their driving and almost as many (63%) have reduced their dining out. More than half (52%) said they have reduced the foods they buy regularly. Only 9% of respondents said inflation did not affect their financial situation.

Combined household income

Reduce on
conduct

Reduce on
eat outside

Reduce food
bought regularly

Less than $74,000

72%

67%

59%

$75,000 to $99,999

66%

66%

52%

$100,000 to $149,999

64%

62%

51%

Over $150,000

56%

48%

33%

AVERAGE FOR ALL RESPONDENTS

66%

63%

52%

This is in addition to the fact that at least 27% of consumers say they have already cut back on basic necessities such as housing and food in the past two years, trying to build up their savings. For some respondents, savings helped build an emergency fund (47%) while others were more hopeful of a return on investment, seeking to invest in the stock market (22%).

Either way, the current combination of high inflation, rising interest rates and a falling stock market is having a significant effect on consumer spending.

You can read additional survey results at The Quicken Blog.

To help you track and manage your financial health, visit https://www.quicken.com/products.

About Quicken Inc.

Quicken is America’s #1 Selling Personal Finance Software For more than 35 years, more than 20 million customers have relied on Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps – including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, Quicken Home & Business, and Simplifi by Quicken – caters to different financial needs and device preferences. Quicken’s Simplifi, Named “Best Budgeting App” by The New York Times wire cutterwas added to the Quicken suite of products in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives easily master their finances.

Learn more about Quicken here and follow us on Facebook, Twitter, LinkedIn, Youtubeand Reddit. Click on here to learn more about Simplifi by Quicken, and follow us on instagram, Facebookand ICT Tac. Simplifi is available for download at google play and the Apple App store.

Methodology: This SurveyMonkey online survey was conducted in June 2022. The survey focused on a sample of 1,000 American adults, aged 18 to 74, from the consumer network Cint.

SOURCE Accelerate

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