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2019 Summer Savings Survey

2019 Summer Savings Infographic
2019 Summer Savings Survey

2019 Summer Savings Survey

CIT Bank’s annual Summer Savings Survey conducted by The Harris Poll explores saving and banking trends in the U.S. This year, we dug deeper into how individuals approach vacation savings. Dive into our findings.

Gen Z outspends other generations

Among those that take vacations, Gen Z spends the most on unique food experiences, luxury hotels, health and relaxation experiences and first class transportation in comparison to all other generations.

High-end or unique food and drink: 42% Gen Z; 34% Millennials; 35% Gen X; 26% Boomers: 24% Seniors

Luxury Hotels: 35% Gen Z; 27% Millennials; 26% Gen X; 14% Boomers: 10% Seniors

Health and Relaxation: 23% Gen Z; 19% Millennials; 17% Gen X; 9% Boomers: 5% Seniors

First or business class transportation: 17% Gen Z; 10% Millennials; 9% Gen X; 6% Boomers: 7% Seniors

Vacation funds

Vacations are high on the list of non-essential spending categories – right behind dining out.

15% of non-essential spending income is spent on vacations each month on average

Over 50% of Seniors typically use a credit card to pay for a vacation versus 20% of Gen Z and Millennials

1 in 3 Seniors use a card with travel rewards (2-3 times more likely than other generations)

More consumers are making vacation saving a top priority:

7% in 2018

18% in 2019

Yet, more than 1 in 3 consumers still aren’t saving anything for vacations. 

Who saves better?

Northeastern consumers are better at saving for vacations than consumers living in other geographies.

61%- West

61%- Midwest

58%- Southwest

66- Southeast

71%- Northeast

Increase your financial security and prepare for vacations by establishing a smart savings strategy with CIT Bank. CIT’s Saving Builder account rewards consumers with a higher return when they consistently save at least $100 each month or maintain a balance of $25,000 or more.

Let’s get going

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©2019 CIT Group Inc. All rights reserved. CIT Bank and the CIT Bank logo are registered trademarks of CIT Group Inc. 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, region, 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.

Gen Zers are considered ages 18-24; Millennials are considered ages 25-38, Gen Xers are considered ages 39-53; Boomers are considered ages 54-73; and Seniors are considered ages 73+.

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