Every year when the New Year approaches our hearts are filled with optimism thinking “this is the year I am going to get stuff done” or “this is the year everything is going to be better.” With that in mind many are already making big plans for the upcoming year.
In a recent AYTM survey of 1,000 US residents we found that many have major plans for 2018 including traveling (42%), buying a car (27%), moving (16%) and changing employment (16%). Let’s take a look at the data to see just how people plan to spend the next 365 days.
Let’s Get to Moving
Making a move is a big decision and people do so for many reasons. We found that those between the ages 25-34 are more likely to move in the new year (33%) compared to members of any other age range. While many plan to move for relocation of family (26%) and/or relocation of job (16%), ages 25-34 overwhelming plan to move for other reasons (31%). When diving deeper into the data we found that for some it was simply for lower rent while others shared the plan to downsize in general and start fresh after graduating college or getting married (or divorced).
To Rent or To Buy
While moving is a big commitment to make, an even bigger commitment is buying a home. Many plan to rent (55%) instead of buy (37%), when they move in 2018. People between the ages of 25-34 are more likely to rent (34%) than to buy (31%), which shows that millennials are quickly warming up to the idea of home ownership.
Those between the ages of 35-44 are still more likely to buy (27%) than to rent (18%) implying that they are more willing to commit to a new place in a new home. Those older (45-64) are more likely to buy a house than to move into a rented home or apartment while those on the younger side, 18-24 are still just looking to rent.
It is no surprise that household income matters in whether people will choose to rent or buy. Those with household income greater than $200,000 are more likely to buy a home (39%) than those with lesser incomes.
Women More Likely to Seek New Jobs
Our data shows that 54% of the population are planning to change employment in 2018 for a pay increase and 66% of those are women. While women still earn 20% less than their male counterparts according to the Institute for Women’s Policy Research, it comes as no surprise many are looking for higher pay in their next job. But it’s not just pay that women will be seeking with a new job in 2018. Many are hoping for a better work/life balance (63%) as well. This compared to men who aren’t as interested in work/life balance (38%) to women. Besides better pay and work/life balance, many women (63%) are seeking a better location to work than men (37%).
Going on Vacation is a Must
A whopping 87% of people in our study are seeking vacations in the new year.
For those going on vacation, 33% are seeking a beach getaway followed by 32% hoping to escape to the city. 49% will be planning to be gone for a week while traveling and others (21%) hope to extend their stay longer by an extra week.
Of course with great travel comes great expenses, when asked respondents claimed their travel expenses for the new year range between $50 to $20,000. With the average being $1,000.
Household income does make a difference for those wishing to travel, those with the household income between $100,000 to $200,000 are more likely to travel for business (50%) than any other reason for traveling.
Speeding into 2018
It’s not every year that you buy a new car, but 27% of those surveyed plan to do so in 2018. Most are seeking new cars (56%) compared to those seeking a used car (43%).
It seems that household income plays a role in the decision to buy new or used. 34% with household income greater than $100,000 annually plan to buy a new car while 29% of those with household income less than $50,000 annually plan to buy a used car.
As for where to buy in 2018 a overwhelming amount are opting to purchase through a dealership (80%) compared to purchasing through a private seller (12%).
A Battle of Brand
Consumers know what they want when they look to buy a car, 61% reported they plan to purchase a specific brand of car in the coming year. So which brand is most popular? We found that Toyota holds a general lead with 15% followed by Ford at 13%. Although, when it comes to battle of the brands, battle of the sexes plays a key role as well. Of those looking to purchase a Toyota, 60% are male. When diving deeper into the data, we found that Kia leads amongst males at 75%, followed by Nissan at 71%.
As for women, the most popular brands are Chrysler (75%) and Jeep (72%). Hyundai seems to be the only brand which appeals to both sexes with an even 50/50 split.
Children are the Future
Many plan to start or expand their family in 2018. Of those choosing to do so, 58% are planning to have more children and 42% are hoping to become first time parents. Of those who already have children 51% currently have one child and 33% have two children. 100% of those surveyed said they hope to conceive their child naturally.
Those Moving into the New Year
Those in their mid twenties to early 30’s are more likely to move in the coming year (33%). While there are many reasons to move, between the ages of 25-34 have more miscellaneous reasons, including cheaper rent, plans to downsize, starting fresh after graduating college or getting married (or divorced).
With those planning to move, a majority (55%) will rent instead of buy (37%). Although, those on the older side (35-44) are more likely to buy then rent compared to millennials (18-34) who will still be renting.
New Employment Opportunities
It comes as no surprise that most women will have “Find a new job” on their list of New Year’s Resolutions. Women are 66% more likely to seek a new job based on receiving a pay increase whereas 63% will seek new employment with hopes of a better work/life balance. Lastly, 63% are hoping for a better location altogether.
As the New Year approaches many are eager to begin with their big plans for 2018. Of the biggest of plans, traveling, it seems adventure awaits as lots are seeking vacations (87%) for the new year. While others are hoping to reconnect with their family and friends (63%).
Buying a New Car
New cars (56%) from dealerships will be purchased over used cars (43%). Men and women both will be eager to make car purchases, although differ in the brand they want. Toyota although overall popular, of those looking to purchase a Toyota, 60% are male.
When diving deeper into the data, we found that Kia leads amongst males at 75%, followed by Nissan at 71%. As for women the the most popular brand are Chrysler (75%) and Jeep (72%). Hyundai seems to be the only brand which appeals to both sexes with an even 50/50 split.
Making a Life Change
Not many (7%) will be entering into the New Year with hopes of having a child or making plans to have a child, but those that do are eager to make their only child an older sibling. While 42% are planning to have a child for the first time. 100% plan to conceive naturally.