70% of Americans struggle to obtain products and services
CHARLOTTE, North Carolina, July 13, 2021 / PRNewswire / – It’s Not Just You: 7 in 10 Americans say they can’t find the products they need or don’t take advantage of the services they need. they matter because of product and labor shortages. This was the main finding of a LendingTree survey of more than 2,000 consumers.
- 70% of Americans struggle to obtain various products and services due to shortages. The most frequently cited product shortages are meat (21%), gasoline (20%), household appliances (16%), cars (15%) and wood (13%). But it’s not just about goods: 23% of parents with young children struggle to find a babysitter, and 22% of restaurant patrons noted unusually slow or poor service.
- More than half of Americans (54%) postpone major projects and purchases because of the shortages the country faces. For example, 26% set aside vacations and 20% filed for home improvement projects.
- More people than not have accepted the price increases caused by shortages and rising business costs. While 54% understand that small businesses increase their prices, 46% think it is unfair to pass their higher expenses on to the consumer.
- Three in ten respondents said they were willing to spend more money to get their products or services faster during shortages. On the other hand, 70% would wait “as long as it takes” to save.
- Paying more for products and services is okay with 71% of Americans, if that means higher wages for workers. This is more than the percentage of those who said they would be willing to pay more to avoid shortages in the future (66%).
“While product and labor shortages can be frustrating, especially after more than a year of pandemic restrictions, take comfort in knowing that things will eventually stabilize,” said Matt Schulz, chief analyst credit from LendingTree. “Practicing a little patience or even waiting could save you in the long run.”
To view the full report, visit: https://www.lendingtree.com/credit-cards/study/summer-of-shortages/.
MethodologyLendingTree commissioned Qualtrics to conduct an online survey of 2,050 US consumers, conducted June 24-29, 2021. The survey was conducted using a non-probability sample, and quotas were used to ensure that the sample frame represents the overall population. All responses were reviewed by researchers for quality control.
About LendingTreeLendingTree (NASDAQ: TREE) is the nation’s leading online marketplace that gives consumers the choices they need to be confident in their financial decisions. LendingTree allows consumers to purchase financial services the same way they would buy airline tickets or hotel stays, by comparing multiple offers from a nationwide network of over 500 partners in a single search, and can choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve their credit health. LendingTree proactively compares consumer credit accounts to offerings in our network and notifies consumers when there is an opportunity to save money. In short, LendingTree’s goal is to help simplify financial decisions for important times in life through choice, education, and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and / or follow us on Twitter @LendingTree
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