Travel and Home Upgrades Top the List of Americans’ Goals for 2022, Affirm Consumer Spend Report Reveals

Rhea-AI Summary

Affirm's latest Consumer Spend Report reveals 62% of Americans have more life goals for 2022, despite inflation concerns affecting 66%. Key findings show 44% plan domestic travel and 39% are considering international trips, with 80% willing to splurge on bucket-list vacations. Home upgrades also rank high, with over a third investing an average of $4,000. Approximately 80% of respondents prefer flexible pay-over-time options, reflecting a 30% increase in travel spending using Affirm. The survey, conducted in March 2022, included 2,000 U.S. consumers.

Positive

• 80% of travelers plan to splurge on bucket-list vacations in 2022.
• 44% of Americans intend to travel domestically, with 39% planning international trips.
• The average consumer will spend $4,000 on home upgrades.
• Travel spending with Affirm increased nearly 30% from late February to early March.

Negative

• 66% of Americans are concerned about rising costs due to inflation.

80% of travelers agree that 2022 will be the year to splurge on a bucket-list vacation; more than a third of Americans will also spend big on home upgrades

SAN FRANCISCO--(BUSINESS WIRE)-- Nearly two-thirds (62%) of Americans have more life goals they are hoping to accomplish this year than ever before, according to the latest Affirm Consumer Spend Report. This is despite financial concerns related to inflation – nearly seven out of 10 (66%) Americans worry about rising costs.

Travel and home upgrades are two of the top priorities for Americans in 2022. The company found that almost half (44%) of Americans hope to travel domestically in 2022 and an additional 39% hope to travel abroad. The vast majority (80%) of those traveling agree that 2022 will be the year they splurge on a bucket-list vacation, and more than half (54%) of respondents are planning to spend more than usual on their next trip.

Supermodel and entrepreneur Ashley Graham is partnering with Affirm to help consumers make smart financial decisions when booking long-awaited travel. “Some of my favorite memories are from the bucket-list trips I've taken with friends and family over the years. While so many are itching to take a getaway this year, the costs of paying for flights, hotels and new vacation outfits can definitely add up,” said Graham. “I think it’s super important to take advantage of tools that help you stay in budget – that’s why I’m excited to partner with Affirm, which gives you the freedom to pay at your own pace for your dream vacation without the stress of hidden fees.”

Affirm's research also uncovered that investing in home upgrades ranks as one of Americans’ top goals: over a third (34%) are planning to furnish a new home or apartment this year — with nearly a third (31%) planning to move to a new city or state — and the average consumer will spend $4,000 on home upgrades.

“As consumers navigate the rising costs of travel, home upgrades, and other life goals, it’s no surprise that they’re looking for more flexible ways to pay. In fact, almost 80% of those surveyed said pay-over-time options make it easier to achieve their 2022 goals by keeping them in budget.” said Silvija Martincevic, Chief Commercial Officer at Affirm. “We’re seeing this trend firsthand – for example, travel spending with Affirm jumped nearly 30% from late February to early March.”

Additional key findings include:

• More than a third (35%) of respondents plan to spend the most this year on a domestic vacation, and another third (33%) will spend the most on a trip abroad
• The most popular travel arrangements for 2022 include a group trip with friends and family (64%), a road trip (50%), and a bucket-list trip to a destination respondents have never before traveled to (48%)
• Beyond travel and home upgrades, other goals on the horizon for Americans this year include buying a car (38%), attending a concert or festival (37%), and buying a new summer wardrobe (35%)
• Nearly two-thirds (65%) of Americans plan to use a buy now, pay over time solution like Affirm for purchases this year.
  • Americans plan to use a buy now, pay over time solution like Affirm for travel expenses (29%), wardrobe updates (28%), and luxury items like designer handbags or watches (34%) this year

About the Survey
The online survey was conducted by OnePoll for Affirm in March 2022, with a panel of 2,000 nationally representative U.S. consumers.

About Affirm
Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.

Payment options through Affirm are subject to an eligibility check, may not be available in all states, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Finance Lender license.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005414/en/

Press

Emily Dale

press@affirm.com

650-398-2715

Source: Affirm Holdings, Inc.

FAQ

What does the Affirm Consumer Spend Report indicate about American spending in 2022?

The report shows 62% of Americans have more life goals, with significant interest in travel and home upgrades, despite inflation concerns.

How much do Americans plan to spend on home upgrades in 2022?

The average consumer is expected to spend $4,000 on home upgrades this year.

What percentage of Americans plans to travel in 2022 according to the report?

44% plan to travel domestically and 39% internationally.

What impact has Affirm's services had on travel spending?

Travel spending through Affirm has increased nearly 30% from late February to early March.

How do buy now, pay over time options factor into American spending decisions?

Almost 80% of surveyed Americans find pay-over-time options helpful for budgeting their 2022 goals.