How Wallets Unfold in 2021 - More Plan to Save Than Spend
As personal hygiene trends in the pandemic, Bio Bidet asks Americans how they will manage money and wellness
CRYSTAL LAKE -- February 3, 2021 -- In a stay-at-home world with a heightened focus on personal hygiene, Bio Bidet, the innovative developer of kitchen & bath products, conducted a 2021 personal finance study that explores how the pandemic has affected spending and saving behaviors. The survey of 1,017 Americans found 94% have concerns about the economy in 2021, with 60% being very concerned.
Of those surveyed, 29% fear the economy will get worse in 2021, while 25% are worried the pandemic has created too much adversity to overcome this year. Another 17% are worried there will be a recession in 2021, while 13% fear US Congress will not pass another relief bill and 9% think the stock market will crash. When asked which most aligns with why they think the US economy can do well in 2021:
- 54% said COVID-19 vaccinations
- 42% said Change in leadership
- 34% said Opening of small businesses
- 28% said Getting students back in schools
- 13% said Housing will boom
“After a year of uncertainty, and a certainty for that to carryover, a large faction of people have become more aware of their finances than perhaps ever before,” said James Amburgey, Director Business Unit Development at Bio Bidet. “In the last year we’ve seen people making a concerted effort to focus more on the health and wellness of their families and their investments in products that help them maintain that focus is a growing trend.”
Saving and Spending in 2021
When it comes to what is most likely to affect their own money situation, almost half (46%) are concerned that food costs will skyrocket. Other concerns most likely to affect peoples’ personal finances this year include:
- 44% - A recession will hit
- 38% - Healthcare costs will rise
- 27% - Will need to dip into my emergency savings
- 16% - Schools won’t open back up
More than half of Americans (54%) had to dip into their savings last year, yet 58% said they were able to add savings because their expenses decreased, or for other various reasons. And a whopping 84% plan to try to save more money in 2021, with 64% aiming to save 50% or more and another 18% are planning to save 100% more than they did last year.
Finally, when it comes to spending, just 35% have plans to make big purchases in 2021 where 44% were adamant about not making any big purchases this year. Those looking to spend have a variety of purchases they are considering, such as a new car (31%), a new house (18%) and in home investments like new appliances (18%), bathroom remodels (17%) and kitchen remodels (14%) are all on the peoples’ shopping lists this year.
About Propeller Insights
Propeller conducted its national online survey for Bio Bidet of 1,017 U.S. adults between January 3-6, 2021. Survey responses were nationally representative of the U.S. population for age, gender, region, and ethnicity. The maximum margin of sampling error was +/- 3 percentage points, with a 95% level of confidence.
About Bio Bidet
Headquartered in Crystal Lake, Illinois, privately-held Bio Bidet is America’s leading manufacturer and retailer of bidet toilet seats, attachments and smart home accessories. Founded in 2008, the company believes that “water does it better” when it comes to bathroom hygiene and is passionate about the positive impacts its products have on people throughout the world. The company’s innovative designs and world class support continue to increase the standard for kitchen and bathroom technology, increasing the function and beauty of customers’ homes. To learn more, visit BioBidet.com, or follow the company on Facebook, Twitter or Instagram.