Arvest Newsroom

Arvest Consumer Sentiment Survey Spending and Savings Results
June 28, 2016

Regional

While more than half of the regional respondents had reported that now was a good time to buy major household items such as furniture, televisions or appliances, 39 percent of those surveyed in March 2016 indicated that they had made such a purchase during the past six months, almost unchanged from September and March of 2015. The percentage of respondents to the Spring Arvest Consumer Sentiment Survey planning to make a major purchase in the next six months increased to 34 percent, higher than the 28 percent reported in September. Of the respondents to the March 2016 survey, 32 percent had mortgage debt, 41 percent had credit card debt, 33 percent had auto loans, 21 percent had outstanding student loans, and 4 percent had home equity loans. Those planning to increase their savings rate increased to 22 percent from the 20 percent reported in September.

Arkansas

The percentage of Arkansas survey respondents who said they made a major household purchase in the past six months was up to 39 percent in March from the 37 percent reported in September. An increased 30 percent said they planned to make a major household purchase in the next six months, up from September’s results. In Arkansas, 30 percent of respondents had mortgage debt, 40 percent had credit card debt, 29 percent had auto loans, 18 percent had outstanding student loans, and 2 percent had home equity loans. Six percent of respondents intend to acquire a mortgage in the next six months, 7 percent had plans to acquire an auto loan and 7 percent to acquire credit card debt, all of which are increases over the September survey results. Those planning to increase their savings rate rose to 21 percent from the 14 percent reported in September.

Missouri (including Greater Kansas City)

The percentage of Missouri respondents who said they made a major household purchase in the past six months was up to 40 percent from the 37 percent reported in September. Respondents who plan to buy a major item in the next six months is 40 percent, up from the 27 percent reported in September. In Missouri, 35 percent of the respondents had a mortgage, 45 percent had credit card debt, 35 percent had auto loans, 24 percent had outstanding student loans and 6 percent had home equity loans. Eight percent intend to acquire a mortgage, while 9 percent had plans to acquire an auto loan, 11 percent plan to accumulate credit card debt and 4 percent to acquire student debt, all up or equal to the percentages reported in September. Those planning to increase their savings rate increased to 23 percent from the 15 percent reported in September.

Oklahoma

The percentage of Oklahoma respondents who said they made a major household purchase in the past six months was 38 percent, down slightly from the 39 percent reported in September’s survey. Respondents who plan to buy a major item in the next six months was 30 percent, down from the 32 percent reported in September. In Oklahoma, 32 percent of the respondents reported they had mortgage debt, 40 percent had credit card debt, 35 percent had auto loans, 22 percent had outstanding student loans and 3 percent had home equity loans. Six percent intend to acquire a mortgage in the next six months, 7 percent planned to acquire auto loans, 9 percent planned on additional credit card debt and 5 percent planned to acquire student debt, all up from the percentages reported in September. Those planning to increase their savings rate dropped back to 22 percent from the 29 percent reported in September.

Recent Major Household Purchases

Made major purchase
in last 6 months
Did not make purchase
in last 6 months
Responses
Regional39%61%1,328
Arkansas39%61%402
Missouri40%60%513
Oklahoma38%62%413

Plan to Make a Major Household Purchase

Plan to buy
in next 6 months
Do not plan to buy
in next 6 months
Responses
Regional34%66%1,220
Arkansas30%70%377
Missouri40%60%458
Oklahoma30%70%385

Major Household Purchase Plans

Waiting to purchaseNo plans to purchaseResponses
Regional19%81%777
Arkansas20%80%256
Missouri21%79%262
Oklahoma18%82%259

Percentage of Respondents with Consumer Debt

MortgageHome
Equity
Auto
Loan
Credit
Card
Student
Loans
None
Regional32%4%33%41%21%22%
Arkansas30%2%29%40%18%23%
Missouri35%6%35%45%24%23%
Oklahoma32%3%35%40%22%21%

Percentage of Respondents who Anticipate Acquiring Credit

MortgageHome
Equity
Auto
Loan
Credit
Card
Student
Loans
Regional6%2%8%9%4%
Arkansas6%2%7%7%4%
Missouri8%3%9%11%4%
Oklahoma6%2%7%9%5%

Percentage of Respondents who Anticipate Difficulty Acquiring Credit

YesNo plans to acquire creditNo
Regional11%52%37%
Arkansas9%55%36%
Missouri13%50%37%
Oklahoma10%53%37%

Current Household Savings Rate

OverallResponsesFamily Incomes
Under $75,000
Family Incomes
Over $75,000
Families
With
Children
Families
Without
Children
Regional15.8%1,14814.0%18.0%16.1%15.5%
Arkansas16.4%37313.7%18.9%16.9%15.7%
Missouri16.0%49416.8%17.1%17.6%14.8%
Oklahoma15.1%40410.8%18.4%14.6%15.0%

Planned Household Savings Rate

Increase
Savings Rate
Keep Current
Savings Rate
Decrease
Savings Rate
Responses
Regional22%68%10%1,217
Arkansas21%69%10%364
Missouri23%67%10%471
Oklahoma22%67%12%382

Note – Percentages may not equal 100 because of rounding to nearest whole number within the report.