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Survey: Major purchases on horizon in Mo.

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An increased number of Missourians plan to make major purchases in the next six months, according to Arvest Bank’s spring Consumer Sentiment Survey.

Statewide, 40 percent of residents intend to buy such items as furniture, televisions and refrigerators. That’s up from 27 percent in September when the fall survey was released, according to a news release.  

Conducted by the Center for Business and Economic Research at the University of Arkansas Sam W. Walton College of Business, the study analyzes the results of 1,200 random phone and online surveys performed by the University of Oklahoma’s public opinion learning laboratory. The biannual study examines a regional outlook, as well a breakdown of residents in Missouri, Oklahoma and Arkansas. The survey asks respondents to evaluate their current and future finances, business conditions, major household purchase plans, consumer debt, savings and demographics.

“Although consumers’ outlook for the economy in the very near term might have appeared somewhat ambiguous, they clearly see a brighter picture in the long term as evidenced by their desire to make purchases and acquire credit,” said Missouri State University Bureau of Economic Research Director David Mitchell, who was retained by Arvest to analyze the survey results, in the release.

Of those surveyed in Missouri, 8 percent planned to acquire credit in the next six months, primarily mortgages, an increase from 1 percent in the fall survey. Also, 11 percent indicated they would acquire credit cards, up from 2 percent.

“The rise in those interested in acquiring a mortgage reflects the activity we’re seeing – both in new home purchases and refinances,” Arvest Bank Springfield President and CEO Brad Crain said in the release. “Additionally, the significant increase in consumers planning to make a major purchase should be a good sign for both local and statewide businesses.”

In the three-state region surveyed, 34 percent plan to make a major household purchase in the next six months. Arkansas and Oklahoma each came in at 30 percent.

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