Current Spend Trends

Consumer spending habits are influenced by a multitude of factors, including economic conditions such as fluctuations in job markets and the impact of inflation. We collected and analyzed data on Americans’ current spending priorities and financial goals and have authored an eBook, which will enable you to gain a deeper understanding of consumer behaviors and harness this knowledge for strategic decision-making.

Cutting Back on the Extras But Still Trying to Save

Due to economic uncertainties and inflationary pressures, 36% of the Americans we surveyed indicated that they are cutting back on their discretionary spending. Consumers are becoming more mindful of their non-essential purchases with many (especially Gen Z and Millennials) focusing on budgeting and savings. It’s “saving money,” that proves to be highly important among Americans, with 61% revealing that this is their top financial goal, whether the end goal is retirement (more so among Gen X & Boomers) or emergency savings and/or a down payment to purchase a home (led by Gen Z).

With shoppers actively seeking ways to maximize their savings and stretch their budgets further, they are increasingly turning to sales, discounts, and deals.

Get valuable insights into consumer spending trends 2023 in our new eBook.

Consumer Spending Trends 2023: Evolving Consumer Behaviors

The digital age has transformed shopping behaviors, with online platforms becoming increasingly popular. For ease in monitoring their finances and achieving their financial goals, mobile banking emerges as a popular choice among 72% of those we recently surveyed (particularly among Gen Z and Millennials). 

On the Up and Up?

Despite the above observations about being mindful of their finances, the majority of the Americans we surveyed in the spring are satisfied with their lifestyle and many expect it will get even better in the next 12 months. Additionally, in spring 2023, spending on key categories such as travel, clothing, beauty, electronics and dining out appear to be increasing relative to the beginning of the year.

For a comprehensive overview of the current consumer spending landscape, download our 2023 Consumer Spending Attitudes eBook.

Blog Author

Rachel Kaye

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