Le Lézard
Classified in: Tourism and vacations, Business
Subjects: SVY, ECO

BMO Survey: US Summer Spending Heats Up Following Record-Breaking Memorial Day Travel

CHICAGO, June 18, 2024 /PRNewswire/ - A special report from the BMO Real Financial Progress Index finds Americans plan to increase their summer spending across numerous categories, particularly on vacations and travel, with a quarter of Americans saying they will spend more on getaways this summer compared to last year.

Millennials and Gen Z lead this summer's getaway spending plans, with 30 percent (on both counts) saying they plan to spend more over the next few months compared to 2023. This comes after a record-breaking number of travelers screened at airports during the Memorial Day weekend, according to the Transportation Security Administration (TSA).

"On an upbeat note, travel and tourism has strengthened across most of the country, according to the Fed's latest regional survey." said Scott Anderson, Chief U.S. Economist at BMO. "Additionally, even amid lingering inflation pressures and higher-for-longer interest rates, consumer spending on experiences and some big-ticket items are still grinding higher, despite heightened price sensitivity around small discretionary goods outlays."

In addition to summer vacations and travel plans, BMO's quarterly study on consumer sentiment about money also highlights how spending patterns will vary this summer from last summer:

Despite the number of Americans with plans to spend more this summer, 60% of Americans say they are more concerned about the cost of living than they were 3 months ago and 51% say they spend more than they know they should, according to BMO's index. Additionally, credit card debt is a significant source of financial stress, with 54% of Americans saying it causes them anxiety.

"With a quarter of Americans increasing their summer travel and vacation spending plans, it's crucial to emphasize the importance of utilizing professional advice and digital tools to help save for goals, such as BMO Total Look, which can personalize your budget and manage your money effectively to prevent additional financial stress," said Paul Dilda, Head of U.S. Consumer Strategy at BMO. "If you need extra guidance, consider consulting a banker or financial advisor to develop tailored strategies that ensure you stay on track to make real financial progress while enjoying your vacation."

BMO helps customers stay on track and make financial progress

In addition to creating a budget and sticking to it, BMO offers the following tips to help make real financial progress this summer:

About the BMO Real Financial Progress Index

Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many ? money.

The research detailed in this document was conducted by Ipsos in the United States from February 28 to March 18, 2024. A sample of n=2,505 adults ages 18+ in the United States was collected. Quotas and weighting were used to ensure the sample's composition reflects that of the American population according to census parameters. This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all American adults 18+ been surveyed.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

Media Contact: Lucas Seiler, Chicago, [email protected], 312-340-8576

SOURCE BMO Financial Group

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