Quicken survey shows home and car purchases are being put on hold due to economic uncertainty

Data shows consumers are also pulling back on driving, eating out, and purchasing food items they would regularly buy

MENLO PARK, Calif., July 13, 2022 /PRNewswire/ — Quicken Inc., maker of America’s best-selling personal finance software, today shared results from a survey indicating that the combination of sky-rocketing inflation, rising interest rates, and market volatility is having a profound impact on consumers’ plans, and their dreams of car and home buying are quickly retreating.

Almost one third (30%) of people surveyed by Quicken had planned to buy a car in 2022, yet 60% of those are now reconsidering. Similarly, 21% had planned to buy a first or new house, and 69% of those are reconsidering. 

“In these uncertain financial times, having a clear picture of your finances is more important than ever,” said Quicken CEO, Eric Dunn. “This knowledge can help you understand your options for adjusting your spending so that you can stay on track to meet your long-term financial goals.”

People who are planning to rent a new apartment or buy a new home cite that the following are impacting their desire/ability to move: changes in the rental market (such as rents going up) (37%), rising interest rates (33%), gas prices (32%), and the stock market crash (19%).

Of those planning to move in the next 24 months, 37% plan to move to a less expensive location.

Beyond affecting major purchases, current market conditions are also forcing people to alter their day-to-day spending. Lower-income Americans are feeling the pinch most acutely, but the pain is widespread: two-thirds (66%) have cut back on driving and almost that many (63%) have cut back on eating out. Over half (52%) said they have cut back on the foods they regularly buy. Just 9% of respondents said inflation is not affecting their financial situation.

This is on top of the fact that at least 27% of consumers say they had already cut back on necessities such as housing and food in the past two years, trying to build their savings. For some respondents, savings helped build up an emergency fund (47%) while others were more hopeful for a return on their investment, looking to invest in the stock market (22%).

Whatever the case, the current combination of high inflation, rising interest rates, and declining stock market is having a significant effect on consumer spending.

You can read additional findings from the survey on Quicken’s blog.

To help track and manage your financial health, visit https://www.quicken.com/products. 

About Quicken Inc.

Quicken is the best-selling personal finance software in the U.S. For over 35 years, more than 20 million customers have relied on Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps — including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, Quicken Home & Business, and Simplifi by Quicken — cater to different financial needs and device preferences. Simplifi by Quicken, named the “best budgeting app” by The New York Times Wirecutter, was added to the Quicken product suite in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives easily stay on top of their finances.

Learn more about Quicken here and follow us on Facebook, Twitter, LinkedIn, YouTube, and Reddit. Click here to learn more about Simplifi by Quicken, and follow us on Instagram, Facebook, and TikTok. Simplifi is available for download on Google Play and the Apple App Store.

Methodology: This SurveyMonkey online poll was conducted in June 2022. The survey consisted of a sample of 1,000 U.S. adults, ages 18 to 74, from the Cint consumer network.

SOURCE Quicken