In July alone, spending on building supplies and gardening equipment rose 6.4 percent and home furnishings grew by 4.2 percent from the year before.5
New research has revealed that people are happier when they buy things aligned with their primary personality traits, which psychologists allocate into five different categories: openness to experience, conscientiousness, extraversion, agreeableness and neuroticism.6 For example, an introvert may be happier buying a book, while an extravert would rather buy dinner at a crowded restaurant.7
Whether you make purchases based on your personality or simply to meet your everyday needs, it’s important that everyone has a strategy for their long-term retirement goals.
Content prepared by Kara Stefan Communications.
1 Osmond Vitez. The Houston Chronicle. “The Importance of Consumer Spending.” http://smallbusiness.chron.com/importance-consumer-spending-3882.html. Accessed Sept. 1, 2016.
2 Lucia Mutikani. Reuters. Aug. 12, 2016. “Weak U.S. retail sales, inflation data dim prospect of Fed rate hike.” http://www.reuters.com/article/us-usa-economy-idUSKCN10N1DL. Accessed Aug. 12, 2016.
3 Lauren Zumbach. Chicago Tribune. June 10, 2016. “Consumer spending moves up but shoppers still cautious with their dollars.” http://www.chicagotribune.com/business/ct-consumer-spending-0612-biz-20160610-story.html. Accessed Sept. 1, 2016.
4 Columbia Threadneedle. Winter 2016. “Spending Trends Shift Toward Experiences — Gym Memberships vs. Handbags.” https://www.investor.columbiathreadneedleus.com/content/columbia/pdf/WINTER_2016_NEWSLETTER.PDF. Accessed Aug. 12, 2016.
5 Patrick Gillespie. CNN Money. Aug. 12, 2016. “Americans still love spending on their homes.” http://money.cnn.com/2016/08/12/news/economy/us-economy-home-spending/index.html?sr=twmoney081216us-economy-home-spending0604PMVODtopLink&linkId=27608043. Accessed Aug. 12, 2016.
6 Science Daily. April 7, 2016. “Spending that fits personality can boost well-being.” https://www.sciencedaily.com/releases/2016/04/160407155550.htm. Accessed Sept. 1, 2016.
7 Kira M. Newman. The Greater Good Science Center at the University of California, Berkeley. June 6, 2016. “How Spending Influences Happiness.” http://greatergood.berkeley.edu/article/item/how_spending_influences_happiness. Accessed Aug. 12, 2016.
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