DETROIT ? More Midwest residents are planning vacations and spending on home improvements in 2013 than did in 2012, says Huntington Bank’s first Midwest Economic Index. Nearly half said the U.S. economy will improve. A majority also plans to spend more on gifts this holiday season than they spent in 2011.
“This survey confirms our analysis that the economy is slowly recovering and that consumers are ready to spend more discretionary dollars,” said Steve Steinour, the bank’s chairman, president and CEO.
Some more highlights:
Fifty-two percent plan home improvements, up from 37 percent who completed home improvements this year. The average budget for improvements in 2013 is $5,200.
Seventy-five percent plan vacations away from home next year, compared to the 63 percent who traveled this year. The average planned budget is $3,200.
Only 30 percent planned to cut back on holiday spending, and fewer than 30 percent plan to cut back on dining out and other entertainment.
The online survey of 2,100 respondents was conducted Nov. 10-20 in areas where the Columbus, Ohio-based bank operates, including Michigan, Ohio, western Pennsylvania, Indiana and West Virginia.
