January 21, 2021
What Will Americans Buy in 2021?
With the pandemic continuing and large-scale deployment of the vaccine still underway, experts predict that consumer spending will continue to feel the weight of COVID-19 and its economic impact for the next two quarters.
However, this should change by the second half of 2021 as the public health situation starts returning to normal. Savanta took the pulse of American consumers to learn what their spending intentions were in 2021.
Home sweet home
The majority of Americans plan to stay put in 2021. In such uncertain times, only 27% of Americans plan to buy a new home, second home, vacation home, or rent a long-term vacation home in 2021. With that said, 67% of American consumers plan to invest in home improvements, with the majority of them (24%) planning to paint the interior of their homes. 22% plan to improve their gardening and landscaping, and 17% plan to buy new bedroom furniture. 15% hope to purchase new living room furniture, and 13% plan to renovate a bathroom. Expensive household improvements are not on consumer radar entering 2021. According to Savanta, only 5% plan to add a pool or expand their home size.
Many American consumers will continue to exercise from home in 2021. They are finding it easy and convenient to maintain their fitness from the comforts of their own home. Since the beginning of the pandemic, there have been new online fitness content for consumers to try, including Instagram fitness challenges, YouTube videos, and personal trainers offering their classes online. As a result, 42% of consumers plan to buy health and fitness equipment, with the majority hoping to purchase weights (14%), an indoor exercise bike (14%), or a treadmill (13%).
Americans have been cooking at home since the pandemic started and using their kitchen appliances more than ever. Savanta data shows that 60% of American consumers plan to buy new kitchen appliances in 2021. Leading the list are microwaves (22%), coffee machines (20%), refrigerators (18%), and blenders (17%).
Americans love tech
Businesses can rely on American consumers to continue to buy technology in 2021. Savanta reports that 74% of Americans plan to buy a technology product this year. The top three products that they hope to purchase are a new smartphone (37%), a new TV (30%), and a new computer (30%). More expensive purchases round out the bottom of the list, with only 11% and 8% of consumers planning to buy sound systems and home theatre systems, respectively.
Keeping the car they have
The Center for Automotive Research, a non-profit that tracks the industry, reports that Americans bought 4 million less cars than predicted in 2020. This decline looks like it will continue in 2021 with only 27% of Americans planning to buy or lease a vehicle. However, those who plan to upgrade their wheels hope to purchase an SUV (40%) or a sedan (31%). 2021 is not the year for convertibles as only 10% of Americans are considering one. Minivans are also at the bottom of the list, with only 12% of respondents hoping to purchase one for their family.
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