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Americans Plan to Spend…On Themselves

If you’re trying to figure out where your customers will be spending in 2011, a new survey points clearly in one direction: themselves.

While consumers are still focused on personal savings – most saving well above pre-recession levels – they will also be treating themselves to better grooming (73 percent), health/fitness equipment and services (70 percent) and clothing (61 percent) this year, according to the latest American Express Spending & Saving Tracker.

Consumers cited “exercising more” and “losing weight” as their top three and four New Year’s resolutions , respectively, behind saving money and spending more time with friends and family. However, more than one in four (28 percent) consumers who are starting the year with a savings strategy said they would sacrifice a portion of their savings to achieve their goal weight, according to the survey.

To reach their fitness goal, consumers plan to put their money where their mouth is. In fact, 47 percent of consumers plan to spend more on health and fitness in 2011, primarily on:

  • Gym memberships: average of $131 per month
  • Fitness equipment: average of $127 per month
  • Personal trainer: average of $127 per month
  • Eating programs: average of $75 per month
  • Fitness-related video games: average of $60 per month