As individuals begin to sort out their financial strategies, they may be in a better position to spend money. This trend could be picking up in the next few months, and it may be a healthy sign.
During the holiday season, more than 60 percent of Americans used a credit card to pay for holiday expenses, according to a report from RetailMeNot. Approximately three-quarters of those with children paid for gifts in cash, while slightly less used debit cards.
When looking toward this year, more than 85 percent of people said they would spend at least the same amount of money when buying items online in 2014 than they did last year, the report noted. More than one-quarter said they would spend more money online this year.
“We are excited to release our Retail Forecast for the year,” said Jill Balis, senior vice president of marketing for RetailMeNot, Inc. “The data provides great insights into what consumers are shopping for in 2014 and also reveals interesting retail trends.”
Many shoppers are looking to head to retail outlets, but only under certain circumstances. The report explained that more than two-thirds of shoppers want to see more sales this year than what they experienced last year. Of that group, 72 percent of women explained the same thing.
Americans save during holiday season
Further positivity among shoppers occurred during the holiday season, which is typically a time where people struggle to not overspend.
Approximately one-quarter of Americans managed to spend less than they initially planned for the holidays, according to a report from Bankrate.com. Similarly, 57 percent were able to spend close to their limit during the season.
Just 14 percent exceeded their spending limit goal during the holidays, the report explained.
More positivity from Americans occurred during the year. The report showed that the Financial Security Index jumped to 102.6 during January, which was the highest measurement recorded in seven months. It also was higher than the benchmark of 100, which denotes the figure being higher than the same month one year earlier.
Just one age demographic noted that their financial situation was in better shape than 12 months earlier, as senior citizens still had concern about what their money standing would be, the report added. Additionally, those making less than $30,000 per year were the only to agree when separating by pay grade.