HOBOKEN, N.J.–Does the Summer heat also warm up consumer spending?
A new survey of 1,000 adults from LendEDU asked respondents to discuss how their spending changes during the summer.
Among the findings:
- Trailing only winter 2018/2019, summer 2018 is expected to be the second costliest season with the average respondent anticipating to spend $2,229. During winter 2018/2019, the average respondent anticipates to spend $2,314, LendEDU said.
- 43% of respondents expect the summer to be their costliest season this year. Amongst those, 48% of credit card holders anticipate taking on an average of $1,715 in credit card debt to cover summer expenses.
- Over 50% of respondents have either taken on a side-hustle (i.e. Uber) or are considering taking on a side-hustle to cover summer expenses.
- Of those who spend more in the summer, 79% said the additional costs are worth it.
Another findings: 20% of applicable respondents said they have lied about their child's age to get a cheaper ticket to a classic summer event.
The full survey findings can be found here.