NEW YORK, July 17, 2019 /PRNewswire/ -- Vacations are a rising savings priority for twice as many U.S. consumers compared to last year, according to CIT Bank's 2019 Summer Savings Survey conducted by The Harris Poll1. The recent survey measures consumer sentiment on topics such as vacation saving and spending trends, financial satisfaction, and overall banking strategies.
"Consumers are taking charge of their finances to make vacations more of a savings priority," said Ravi Kumar, head of Internet Banking for CIT Bank. "We're encouraged by the results of our survey as planning ahead is one of the key habits necessary to improve financial stability and prevent going into debt."
Gen Z Splurges on High-End Experiences
When it comes to vacation spending, Gen Z consumers outpace other generations across a number of spending categories, in particular, unique food experiences and luxury hotels. Over 40% of Gen Z consumers like to spend on unique food and drink experiences compared to 34% of Millennials, 35% of Gen X, 26% of Boomers, and 24% of Seniors. Likewise, over a third of Gen Z consumers like to spend on luxury accommodations compared to a quarter of Millennials and Gen Xers and even less Boomers and Seniors. Gen Z also outspends their counterparts on health and relaxation and first or business class transportation accommodations.
Maximize Vacation Savings with CIT Bank's Savings Builder
Despite the jump in saving, over a third of consumers are still not saving anything for vacations, suggesting more can be done to prepare for summertime splurges. Another third save less than 5% and approximately a quarter save between 5 to 10% of their monthly income.
CIT Bank's newest digital savings product Savings Builder is designed to reward consistent savers and provides a higher rate for those who make a deposit of at least $100 on a monthly basis.
"Consider stashing away $100 each month to save for vacations ahead of time," continued Kumar. "Doing so can eliminate the financial stress and burden of increased expenditures during the summer when vacation season is at its peak.
Learn more about CIT Bank's 2019 Summer Savings Survey and how to establish smart savings strategies by visiting our website here.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of March 31, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
1 This survey was conducted online within the United States by The Harris Poll on behalf of CIT between March 29 to April 10, 2019 among 2,005 U.S. adults aged 18 and older. Figures for age by gender, race/ethnicity, education, income, marital status, employment, and household size were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents' propensity to be online. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
SOURCE CIT Group Inc.