5 consumer spending predictions this spring
As cooler temperatures give way to warmer weather from coast to coast, Co-op’s SmartGrowth experts foresee an uptick in spending across many merchant categories over the next few months.
To help your credit union plan ahead and capitalize on these emerging opportunities, here are 5 payment predictions for this spring:
- Travel, Lodging and Home Improvement Take Flight:
According to a recent survey conducted by travel insurance company Seven Corners, 58% of respondents are planning more summer travel in 2022 than before the pandemic. The nature of travel post-COVID will likely look much different, however, with more consumers considering taking “micro-cations” lasting 5 days or less. Ongoing inflationary pressures, including high fuel prices that are already driving up the cost of air travel, will likely contribute to this trend.
Meanwhile, with ballooning housing prices and rapidly rising mortgage interest rates driving many would-be buyers out of the market, home improvement spending will continue to be high as homeowners are deciding to stick with their current residences rather than trading up.
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