Consumers and the Economic Outlook - US - February 2015
“Consumers are optimistic about their financial situation but still skeptical of the future of the economy. Their perspective seems to reflect a cognitive dissonance considering the economic conditions do impact their personal finances. This can be their strategy to cope with the challenging reality of their financial situation; believing they are doing great financially helps them keep their hopes alive believing that their situation will get better regardless of its status.”
– Monica Staco, Financial Services Manager
Some questions answered in this report include:
- How are consumers’ financial and economic outlooks changing?
- Are consumers’ financial behaviors changing?
The economy is presenting signs of a comeback with lower unemployment rate, increase in wages, and decreases in gas prices. However, while consumers are confident about the future of their own financial situations, they continue to be skeptical about the general economy. This report reviews key measurements to assess the economy and consumers’ changes from a year ago, the factors contributing to consumers’ economic outlook, and the financial status of various groups of consumers who show differences in their perspectives, including women, Millennials, and homeowners.
Consumers are starting to experience the re-emergence of a stronger economy. However, they still hold on to the memory of the impact of the recession and are looking for more long-term consistent improvement to trust the stability of the economy. If in 2015 economic and financial conditions continue to grow, consumers will not hesitate to increase their discretionary spending. They are still focused on saving and clearing their debt, so additional spending may not be a high financial priority in 2015. FSI should encourage consumers to discuss their long-term goals to help them create a realistic plan, taking into account potential ups and downs of the economy. Such planning can accommodate consumers in their financial thought process and guide their spending and saving behaviors.
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Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
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