News

Americans spending 40% more on dining out than in 2013

September 24, 2014

As we barrel toward the fourth quarter and the holiday season, a new report from American Express says that Americans feel more financially stable compared to last year, and their spending habits are reflecting this trend.

The American Express Spending & Saving Tracker shows that 81 percent of employed Americans report that their jobs are more than or just as stable as one year ago (up significantly from 69 percent in 2011). The outlook is picking up, but still less than half of consumers expect finances to change for the better in the next six months (45 vs. 39 percent in 2013).

According to a news release, an increase in stability could signal a higher willingness to spend, as nearly three quarters of consumers (73 vs. 66 percent in 2013) say they’re spending as much or more than they expected on non-essential items such as fashion accessories and leisure activities.

They’re also spending more on dining out: The report shows that Americans spent 20 percent on dining out in 2013, and are spending 28 percent on dining out so far in 2014, for a 40 percent increase.

This compares to an 18-percent increase in technology spending; a 32-percent spending increase in leisure, which also includes dining; a 17-percent increase in fashion; a 9-percent increase in home improvements; and a 26-percent increase in self-maintenance.

"As Americans feel more secure about their jobs and finances, they tend to spend more on personal items," David Rabkin, SVP of Consumer Lending Products, said in the release. "Our survey respondents report that they’re spending more or the same on some big ticket items that they may have deferred during the last few years."

Deal seeking continues

Although Americans are spending significantly more on discretionary items this year versus last year, they’re still actively seeking deals. A majority – 85 percent – say they check for discounts at least once a week.

The top ways consumers look for discounts and coupons include email promotions from retailers (19 vs. 25 percent in 2013); coupon aggregator sites (18 vs. 12 percent in 2013); group buying sites (18 vs. 12 percent in 2013) and social media (12 vs. 8 percent in 2013), among other resources (6 percent, even with 2013).

Thirty-five percent say they look for discounts once a day or more often (vs. 33 percent in 2013).