Arvest Newsroom

Arvest Consumer Sentiment Survey Spending and Savings Results
Nov. 22, 2016

Regional

As previously reported in the Outlook portion of the survey, 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. Now, 40 percent of those surveyed in August 2016 indicated that they had made such a purchase during the past six months, up one percentage point from March of 2016. The percentage of respondents to the Fall Arvest Consumer Sentiment Survey planning to make a major purchase in the next six months increased to 35 percent, slightly higher than the 34 percent reported in March. Of the respondents to the August 2016 survey, 41 percent had mortgage debt, 44 percent had credit card debt, 35 percent had auto loans, 21 percent had outstanding student loans, and 6 percent had home equity loans. Those planning to increase their savings rate increased to 26 percent from 22 percent reported in March.

Arkansas

The percentage of Arkansas survey respondents who said they made a major household purchase in the past six months was 41 percent in August, up from the 39 percent reported in March. An increased 35 percent said they planned to make a major household purchase in the next six months, up from March’s 30 percent. Arkansans are more likely to have credit card debt (51 percent) than the regional average (44 percent), are less likely to have home equity debt (4 percent compared to 6 percent for the region) and, overall are more likely to have no consumer debit (34 percent compared to 28 percent for the region). Three percent of respondents intend to acquire a mortgage in the next six months, 6 percent had plans to acquire an auto loan and 6 percent to acquire credit card debt, all of which are decreases from the March survey results. Those planning to increase their savings rate rose to 26 percent from the 21 percent reported in March.

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 41 percent from the 40 percent reported in March. Respondents who plan to buy a major item in the next six months is 35 percent, down from the 40 percent reported in March. In Missouri, 46 percent of the respondents had a mortgage, which is significantly higher than the regional average of 41 percent. Likewise 10 percent have home equity debt compared to 6 percent for the region. The current savings rate for Missouri is 16.3 percent, which is higher than the regional average of 13.9 percent. Those planning to increase their savings rate increased to 24 percent from the 23 percent reported in March.

Oklahoma

The percentage of Oklahoma respondents who said they made a major household purchase in the past six months was 38 percent, unchanged from the March survey. Respondents who plan to buy a major item in the next six months was 36 percent, up from the 30 percent reported in March. However, Oklahomans are more likely to wait on making a major household purchase (23 percent) than the regional average (20 percent). In Oklahoma, 40 percent of the respondents reported they had mortgage debt, 42 percent had credit card debt, 38 percent had auto loans, 21 percent had outstanding student loans and 6 percent had home equity loans. Four percent intend to acquire a mortgage in the next six months, 5 percent planned to acquire auto loans, 5 percent planned on additional credit card debt and 3 percent planned to acquire student debt, all down from the percentages reported in March. Those planning to increase their savings rate increased to 28 percent from the 22 percent reported in March.

Recent Major Household Purchases

Made major purchase
in last 6 months
Did not make purchase
in last 6 months
Responses
Regional40%60%1,291
Arkansas41%59%438
Missouri41%59%413
Oklahoma38%62%431

Plan to Make a Major Household Purchase

Plan to buy
in next 6 months
Do not plan to buy
in next 6 months
Responses
Regional35%65%1,223
Arkansas35%65%411
Missouri35%65%387
Oklahoma36%64%416

Major Household Purchase Plans

Waiting to purchaseNo plans to purchaseResponses
Regional20%80%819
Arkansas18%82%281
Missouri19%81%258
Oklahoma23%77%280

Percentage of Respondents with Consumer Debt

MortgageHome
Equity
Auto
Loan
Credit
Card
Student
Loans
None
Regional41%6%35%44%21%28%
Arkansas40%4%37%51%22%34%
Missouri46%10%33%43%22%26%
Oklahoma40%6%38%42%21%28%

Percentage of Respondents who Anticipate Acquiring Credit

MortgageHome
Equity
Auto
Loan
Credit
Card
Student
Loans
Regional4%2%5%6%4%
Arkansas3%2%6%6%3%
Missouri5%3%5%7%4%
Oklahoma4%2%5%5%3%

Percentage of Respondents who Anticipate Difficulty Acquiring Credit

YesNo plans to acquire creditNo
Regional9%70%21%
Arkansas9%68%23%
Missouri8%72%20%
Oklahoma10%70%20%

Current Household Savings Rate

OverallResponsesFamily Incomes
Under $75,000
Family Incomes
Over $75,000
Families
With
Children
Families
Without
Children
Regional13.9%1,14611.7%18.1%13.9%15.0%
Arkansas13.4%40310.1%17.8%12.2%13.5%
Missouri16.3%39014.1%20.4%14.9%17.0%
Oklahoma14.1%37912.2%16.8%13.3%14.3%

Planned Household Savings Rate

Increase
Savings Rate
Keep Current
Savings Rate
Decrease
Savings Rate
Responses
Regional26%66%8%1,153
Arkansas26%66%8%404
Missouri24%64%12%373
Oklahoma28%66%7%376

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