Atomic PR for Mint
Users Reversed 18-month Trend in Spending Reduction, But Still Spent 12% Less vs. Q2 2008
Mountain View, Calif., July 30, 2009 – Mint.com (www.mint.com), the leading online personal finance service, today released an analysis of spending by its million-plus user base that shows they increased household spending slightly in Q2, reversing an eighteen month trend. Their total spend across eight key categories increased an average of 3% ($400) per person versus Q1 of this year, the first quarter-over-quarter increase since the Mint.com Spending Index was launched, in Q1 2008. For the first year of the Index, Mint.com users consistently cut spending, reducing quarterly spending by 15% ($2,000) in Q1 2009 vs. Q2 2008. This change indicates that users of this leading money management and budgeting service users may be gaining confidence in the possibility and timing of an economic recovery --- in step with the recent rebound in the stock market. City and Regional spending data is also available.*
"This slight increase in spending may be an early signal that consumer optimism is growing --- either because they feel the bottom is here, or is now in sight," said Aaron Patzer, CEO and founder of Mint.com. "However, it's important to note that Mint users are still spending 12% less, on average, versus Q2 2008. Our financial management and budgeting software appears to be helping our growing user base find effective, long-term ways to save even after one of the longest downturns in our nation’s history."
These indices are compiled from anonymous transactional data tracked by Mint.com's award-winning personal finance service, now used by over 1 million Americans to manage and save money. Since its launch in September, 2007, Mint.com has tracked over $175 billion in transactions across user's checking, saving, credit card accounts, and over $47 billion in assets across users’ investment accounts. Using its patent-pending Ways to Save feature, Mint.com has identified more that $300 million in potential money-saving ideas for its users.
Significant Changes versus prior Quarter and prior Year
The most dramatic increases versus Q1 were seen in:
- Shopping and Travel, both up 17%, likely reflecting consumer decisions to make long-delayed purchases following deep cuts made through 2008;
- Entertainment, up 6%, recouping the 6% decline in Entertainment spending seen in Q1 to return to Q4 2008 levels.
User expenditures in some categories are beginning to approach Q2 2008 levels, while others remain significantly lower:
- Spending on Food and Dining; Travel; and Gifts and Donations are back within 10% of Q2 2008 spending levels;
- Home; Entertainment; Shopping; and Bills and Utilities remain 10-20% below Q2 2008 levels;
- Spending on Gas and Fuel is down nearly 40% versus Q2 2008, with virtually all of that decline driven by lower gasoline prices.
"This data suggests that the Mint.com service is providing real value to our users – helping them save and do more with their money," said Patzer, "But there's much more opportunity to make budgeting and planning easier and more effective for more Americans. We’ll be introducing new and improved product features and educational content in Q3 and Q4 designed to do just that."
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About Mint.com (www.mint.com)
Mint.com is the nation’s leading online personal finance service, providing over 1 million users a fresh, easy and intelligent approach to money management. And it’s free. Mint is tracking over $175 billion in transactions, $47 billion in assets and has identified $300 million in potential savings for its users.
Designed to be effortless, Mint.com takes less than five minutes to set up. Users register anonymously using only a valid email address. Mint then does the rest, securely downloading transaction data from more than 7,500 bank, credit card and investment accounts on a daily basis. Users never need to import or synch their data. Mint applies patent-pending technology and proprietary algorithms to categorize transactions; provide a unified view of all account activity; alert users to low balances, bank fees, upcoming bills, and even potentially suspicious account activity; and give users personalized suggestions for significant savings opportunities. Each user can monitor their total net worth, virtually real time, at www.mint.com, from any mobile phone (by texting short code MyMint ), or by using Mint.com’s iPhone application – rated #1 in the Finance category in iTunes on the day of its launch.
Mint.com is rated top in its category by Kiplinger, Money, PC World and PC magazines, was named one of the 50 Best Websites of 2008 by TIME magazine, and has received four Webby awards, a Thomas Edison award, an American Business Award and accolades from the Wall Street Journal, BusinessWeek, TechCrunch, and Lifehacker, since its September, 2007 launch. The company was named one of 34 international Technology Pioneers by the World Economic Forum in 2008 and publishes an award-winning personal finance blog at www.mint.com/blog/ .
*Average Mint.com user spending for January 2008 – June 2009 and for specific US cities and regions can be accessed by contacting Martha@atomicpr.com, or by calling 415.402.0230 and asking for a member of the Mint.com team.
The attached graphs may be embedded using html code available here: http://www.mint.com/press/mintcom-q2-spending-shows-signs-of-economic-optimism-in-line-with-summer-stock-market-rally/