Survey Says Most People Embrace Collecting

The idea of putting together a collection is not a new one. Even as far back as the 14th century, people were collecting coins not for their monetary value, but for artistic and historic appreciation. Collecting Cards dates back to the early 1900’s and kids standing outside stores asking for cards out of cigarette packs.

Being a collector has a long and varied history; depending on what it is that you are collecting. A new survey also finds that it’s something most people participate in.

MagnifyMoney surveyed more than 1,500 U.S. Residents to find out who’s collecting items and learn more about why they do. They found that over 61% consider themselves collectors of something, with trading cards high on the list.

“Collecting seems to fill an emotional need, whether it’s the thrill of hunting down an object to complete your collection or just a pleasant way to indulge one’s interests,” says Ismat Mangla, MagnifyMoney executive editor.

Among the key findings in the survey:

• 61% of Americans are self-proclaimed collectors, with coins (collected by 17%), toys or dolls (12%), some type of trading cards (12%) and jewelry (12%) the most-collected items. Sports memorabilia attracts 9%.
• Younger generations are more likely to be collectors than older ones.
• Not everyone spends a huge amount of money on their collections. The survey found collectors spent an average of $6,131 on what they own.
• Far more people have never heard of NFTs (43%) than those who have tried to invest in them (15%, according to a previous MagnifyMoney survey).
• They might want to check the sports memorabilia market more carefully, but the survey found that the majority of Americans don’t think collectibles and NFTs are a good investment. Less than half (44%) said collectibles are — and 30% believing the same about NFTs. Gen Zers are most likely to believe NFTs pay off, at 47%.
• 18% of Millennials collect trading cards of some kind
• Collectors are more bullish on their holdings with 51% saying they’ll be worth a little and 32% saying they’ll be worth a lot at some point — a total of 83%.

Despite the public’s overall shoulder shrug, MLB is doubling down on NFTs, expanding its partnership with Candy Digital for a Topps NOW-style product focused on moments and milestone commemorations on a daily basis. Though this could be just an effort to make a quick buck on a current trend and not an indication that they believe it will endure.

Source: https://bit.ly/3ObGZrw