Americans are maintaining cautious spending habits and more than half are unlikely to vacation this summer according to a survey released today by Chase Card Services. The survey found that only 41% of Americans are likely to vacation this summer and the majority of those who are plan to vacation close to home (58%) or stay with friends and family (51%) in order to save money. In addition more than one third of those polled said that they plan to spend less on typical summer activities like dining out and going to the movies.
"Research has shown that a 'new normal' is taking hold of American spending behavior and we are seeing this trend reflected in summertime activities," said Tom O'Donnell, general manager, Chase Card Services, a division of JPMorgan Chase & Co. "This summer, Americans are being more selective in their spending, adjusting their vacation plans, and embracing new types of activities to make the most of their finances."
According to the survey’s findings Americans are not only reducing their summer spending but they have adopted more moderate seasonal spending habits. The majority of those surveyed reported that they personally maintain their yards and conduct home repairs instead of hiring professional help, more than a quarter have cut back on summer-related purchases, such as grills and pool memberships, and are making a real attempt to reduce their summer utility bills.
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