General

Quicken survey shows home and car purchases are being delayed due to economic uncertainty

Quicken survey shows home and car purchases are being delayed due to economic uncertainty

Data shows that consumers are also driving less, eating out and buying foods they would normally buy

MENLO PARK, California.July 13, 2022 /PRNewswire/ — Quicken Inc.maker of America’s best-selling personal finance software, today shared the results of a study showing that the combination of skyrocketing inflation, rising interest rates and market volatility is profoundly impacting consumers’ plans and driving their dreams of buying cars and homes. quickly back.

Nearly a third (30%) of people surveyed by Quicken planned to buy a car by 2022, but 60% of them are now reconsidering. Similarly, 21% were planning to buy a first or new home, and 69% of those are considering reconsidering.

Plans for 2022

I was planning to…

But now I’m reconsidering whether
put on hold completely

Buying a first or new home

21%

69 %

Buy a car

30%

60%

retire

8%

48%

Quit my job/get a new one

13%

47 %

Moving to a new city

13%

38 %

Get married

6%

38 %

Having first/another child

8%

38 %

“In these uncertain financial times, it’s more important than ever to have a clear view of your finances,” 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 planning to rent a new apartment or buy a new home indicate that the following influences their desire to move/ability: changes in the rental market (such as rising rents) (37%), rising interest rates (33% ), gas prices (32%) and the stock market crash (19%).

Of those who plan to move in the next 24 months, 37% plan to move to a cheaper location.

In addition to influencing large purchases, current market conditions are also forcing people to adjust their daily spending. Low-income Americans feel the pain most acutely, but the pain is widespread: two-thirds (66%) have cut back on driving and nearly as many (63%) have cut back on eating out. More than half (52%) said they have cut back on the food they buy regularly. Only 9% of respondents said that inflation does not affect their financial situation.

Combined family income

Cut down on
the driving

Cut down on
dining out

Cutting back on food
bought regularly

Less than $74,000

72 %

67 %

59 %

$75,000-99,999

66 %

66 %

52%

$100,000-149,999

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, in an effort to build up their savings. For some respondents, saving helped build an emergency fund (47%), while others were more hopeful of a return on their investment and looking to invest in the stock market (22%).

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

You can read additional findings from the survey at: Quicken’s blog

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

About Quicken Inc.

Quicken is the best-selling personal finance software in the US. For over 35 years, more than 20 million customers have trusted 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 — meet a variety of finance needs and device preferences. Simplifi from Quicken, by . named the “best budgeting app” The New York Times Wirecutterwas added to the Quicken product suite in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives manage their finances with ease.

Learn more about Quicken here and follow us facebookTwitterLinkedInYouTubeand reddit† Click here for more information about Simplifi by Quicken and follow us Instagramfacebookand TikTok† Simplifi can be downloaded at Google Play and the Apple App Store

Methodology: This SurveyMonkey online survey was conducted in: June 2022† The survey included a sample of 1,000 American adults ages 18 to 74 from Cint’s consumer network.

SOURCE Quicken