The US workforce is planning on spending an average $747 on work-related items as they return to the office.
This statistic involving the spending habits of workers as physical workspaces reopen across the US, was unveiled by online lending marketplace, LendingTree.
LendingTree’s Post-Pandemic Spending Survey commissioned Qualtrics to conduct a survey of the spending habit of 2,192 Americans.
Remote working employees returning to the office are especially keen to spend money as offices open up. The research found that 83% of employees who have been working from home say they have purchased or plan to purchase something new on their return to onsite work.
New Clothes Tops the Spending Agenda
An average of $747 is planned to be spent on work-related purchases. 59% say they have bought or plan to buy to new clothes. 41% are purchasing shoes, 27% accessories, and 16% plan to buy new office décor or supply.
The survey also found that Americans are planning on eating out, with clothing and dining out topping the top three things they plan to budget for, alongside travel.
The findings of the survey verify how markets and the economy are rebounding following months of stagnation due to the Covid-19 pandemic.
For small retail businesses, knowing what employees are wanting to purchase as they return to the office could help them target the right products to the right markets.
As Rebecca Safier, a personal finance writer who authored the LendingTree report notes: “Shopping plans may vary widely as the pandemic lifts, but there are definitely some popular themes. In particular, Americans expect travel to eat up a large part of their budget.
“Clothing and restaurant means round out the top three, as we’ll see later, the rush to eat out may be a little more restrained then some expect.”
Out of the participants of the survey, 36% say they plan to spend money on travel. 24% plan to spend part of their budget on clothes, 18% on dining out, 8% of events such as concerts, and 3% on bars and breweries.
Gen Zers and Millennials Expect to Borrow Money
The study also looked at the spending plans of different age demographics. It found that for many Americans admit that their spending plans this summer are likely to translate into going into debt.
Generation Zers and Millennials were most likely to expect to be going into debt. In both groups, 61% said they expect to borrow, compared to just 17% of Baby Boomers.
The research provides important insight into the planned spending habits of workers as markets open up. Such insight can be invaluable to small businesses, as they will have greater understanding as to what products to sell and who to market them to.
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