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As the crucial holiday selling period begins, many U.S.
consumers say they have no spare cash. In fact, of the 28 countries surveyed, more U.S. consumers (28%) said they have no extra money than those from any other country.
Among U.S. consumers who do have spare cash, their first priority is debt repayment. The percentage of U.S. consumers choosing debt repayment (33%) was significantly higher than that of consumers in either of the other two regions studied [See chart 1]. Overall, the U.S. ranked seventh for debt
repayment among all 28 countries included in the survey.
In the U.S., women were more likely than men (30% vs. 22%) to say that they have no spare cash, while men were more likely than women (36% vs. 32%) to say that they use such money to pay off debts. As for specific purchases people make with spare cash, U.S. men were much more likely than women to indicate that they spend it on new technology (20% vs. 8%).
There were differences by age as well, with older respondents more likely to say that they have no spare cash and younger respondents more likely to say they spend extra money on debt repayment. Respondents on both ends of the age spectrum were more likely than
those in the middle to build savings with spare cash. Younger people were more likely to spend it on out-of-home entertainment, clothing and technology.
While savings was the third highest ranking choice for U.S. consumers who have extra funds, that 23% level placed the U.S. in a tie with Portugal as having the lowest overall percentage of consumers who put such money into savings.
Below is a list of the number one country globally for each of the spending options and a look at where the U.S. ranks:
- No spare cash: the U.S.—28% (Germany and the U.K. tied for second at 16%)
- Out of home entertainment: Spain—60% (U.S. ranked tied for 19th)
- New clothes: Netherlands—51% (U.S. ranked tied for 21st)
- New technology: China—52% (U.S. ranked 25th)
- Home improvements/decorating: Denmark—46% (U.S. ranked tied for 16th)
- Short holidays locally: China—35% (U.S. ranked 25th)
- International holidays: Singapore—33% (U.S. ranked 27th)
- Paying off debts, credit cards and loans: Tie between Malaysia and the Philippines—45% (U.S. tied for 7th)
- Savings/deposit account: Indonesia—59% (U.S. tied
for last)
- Shares/mutual fund: Taiwan—32% (U.S. ranked 23rd)
- Superannuation/pension payment: Austria—24% (U.S. ranked 26th)
The ACNielsen research was conducted in October via the Internet* among 14,000 consumers in 28 markets across
Asia Pacific, Europe and the U.S.
*In Vietnam, the survey was conducted in person.
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