With inflation at an all-time high, eggs in a pricing crisis, and gas continuing to fluctuate, how are consumers preparing for a year of economic uncertainty? We recently surveyed 1,000 Americans to understand consumer spending expectations over the next three months on where they see their dollars going.
Additionally, we launched an ongoing weekly Economic Attitudes Tracker, starting in August 2022, that shares U.S. General Population opinions. Results around consumer sentiment on the economy and the future are updated monthly.
“What’s in Your Wallet?”
What’s going on with consumers’ wallets? Compared to 2022, most Americans plan to make changes to their discretionary spending with only a quarter planning to keep their spending amounts the same.
Gen Z and Millennials are looking to invest in savings and stick to a budget more than Gen X and Boomers who don’t plan to make many changes.
Women will focus their spending on necessities like food and gas over the next three months, whereas males will prioritize items with longevity such as furniture and electronics. More affluent households plan to purchase “whatever they want in the moment”.
Money Money Money Money… Money!
Seven-in-ten consumers use mobile banking apps, the majority being Gen Z and Millennials! The top reasons for using apps include ease of use, 24/7 access, faster banking, and flexibility. Data security concerns are the most significant reason consumers do not use banking apps.
When it comes to speaking in person for banking needs, only 4% of Gen Z and Millennials are game. The majority who seek in-person help are those in the older generations.
Overall, the majority of Americans are satisfied with their lifestyle and many, especially younger generations, expect their lifestyle will get even better in the next 12 months. But this optimistic attitude comes with some trepidation. More Americans think the overall state of the U.S. economy will get worse than better in the next 12 months. In these uncertain times, consumers say they are searching more for sales, discounts, or deals through a cash-back or rewards program to manage their budgets.
Stay tuned for more information on consumer spending trends and purchase plans in 2023.
Contact us for the latest information on consumer spending trends, financial goals, purchase plans and more for 2023!
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