2022
9
American Lifestyles Consumer Report 2022
2022-09-28T04:11:10+01:00
REPA9A7E179_B6E5_4C6B_8323_0953247B3032
3695
156020
[{"name":"Consumer Insights","url":"https:\/\/store.mintel.com\/industries\/consumer-insights"}]
Report
en_GB
"As prices continue to rise and economic uncertainty continues, financial concerns are widespread among US consumers. Not all consumers consider themselves financially struggling at this time, but many are already…
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  4. American Lifestyles Consumer Report 2022

American Lifestyles Consumer Report 2022

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“As prices continue to rise and economic uncertainty continues, financial concerns are widespread among US consumers. Not all consumers consider themselves financially struggling at this time, but many are already adjusting their shopping behaviors regardless of their level of financial comfort. To support struggling and concerned consumers, brands need to find creative ways to demonstrate the value of their products and services and find ways to tangibly reward customers as a way of building brand loyalty and repeat business.”

– Lisa Dubina, Associate Director – Culture and Identity

This Report looks at the following areas:

  • An overview of the US today, including population trends, economic indicators and key issues currently affecting the lifestyles of Americans
  • A review of consumer spending across 2022 with category-specific takeaways from Mintel’s sector analysts
  • A spotlight on Mintel’s Global Trend Driver Value and implications for inflation-era brand strategy
  • Consumers’ response to inflation, including perceptions of their current financial wellbeing, changes to their spending and shopping behaviors, and their understanding of “value” in the marketplace today
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  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Definition
    • Market context
    • Economic and other assumptions

  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Total US retail sales and forecast with best- and worst-case scenarios, at current prices, 2017-27
      • Figure 2: Opinions on financial future, 2022
    • Opportunities and challenges
    • Concerns about inflation and the future of the economy are widespread
      • Figure 3: Top financial situations personally concerned about, 2022
      • Figure 4: Economic outlook – Personal views versus the majority of Americans, 2022
    • The effects of inflation have been wide-ranging and diverse
      • Figure 5: Impact of inflation on personal finances and purchase habits, 2022
      • Figure 6: Current financial workarounds, 2022
    • In general, consumers define “value” as quality and cost-efficiency
      • Figure 7: Importance of brand name and quality versus price, 2022
      • Figure 8: Price versus convenience and price versus sustainability, 2022

  3. America Today – What is Impacting 2022

    • America’s growing social and political divide
    • Inflation and economic unrest
    • The rise of global health emergencies

  4. America Today – The People

    • American population trends
    • Population growth continues to slow
      • Figure 9: Annual growth rate of the US population, 2011-21
    • Declining births and the importance of immigration
      • Figure 10: Annual births and general fertility rate, 2011-21
    • Deaths are up and life expectancy is declining
      • Figure 11: Number of deaths, 2011-21
      • Figure 12: Life expectancy at birth, 2010-20
    • Changing American households
    • More Americans are living alone than ever before
      • Figure 13: Households, by number of members, 2011 and 2021
      • Figure 14: Households, by presence of related children, 2011-21
      • Figure 15: Married share of the population, 2010-20
      • Figure 16: Median age at first marriage, 2011-21
    • Variations in households by race and Hispanic origin
      • Figure 17: Households with related children under 18 in the household, by race and Hispanic origin of householder, 2021

  5. America Today – The Economy

    • Economic recovery
    • US economy shrinks for the second consecutive quarter
      • Figure 18: GDP change from previous period, Q1 2007-Q2 2022
    • Unemployment remains near 50-year low for the fourth consecutive month
      • Figure 19: Unemployment and underemployment, 2007-22
    • Inflation remains at a 40-year high
      • Figure 20: Consumer Price Index change from previous period, 2007-22
      • Figure 21: Inflation and wage growth, 2019-22
    • Consumer impact
    • Consumer sentiment plunges to a record low of 50
      • Figure 22: Consumer Sentiment Index, 2007-22
    • Consumers are slightly worse off than they were back in November 2021, but over half believe they will be better off over the course of 2022
      • Figure 23: Change in financial situation in the past 12 months, 2022
      • Figure 24: Opinions on financial future, 2022
    • Travel remains a goal for 43% of consumers heading into summer
      • Figure 25: Future spending behaviors, 2022
      • Figure 26: Klarna travel email, 2022

  6. Total Market Overview

    • Estimated US consumer spending in 2022 and 2023
      • Figure 27: Total US retail sales and forecast with best- and worst-case scenarios, at current prices, 2017-27
      • Figure 28: Estimated consumer spending by category, at current prices ($ bn), 2022
    • Largest categories of spending: housing, healthcare, transportation
    • Housing
      • Figure 29: Best- and worst-case forecast value sales of housing market, at current prices, 2022-27
    • Healthcare
      • Figure 30: Best- and worst-case forecast value sales of healthcare products and services, at current prices, 2022-27
    • Transportation
      • Figure 31: Best- and worst-case forecast value sales of transportation, at current prices, 2022-27
    • Fastest growing categories, next five years
    • Vacations and Tourism
    • Leisure and Entertainment
    • Home and garden
    • Slowest growing categories, next five years
    • Beauty and Personal Care
    • Alcoholic Beverages (in home)
    • Household care
      • Figure 32: Market growth by category, 2022-27

  7. At a Glance: Self-care and Wellness

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  8. At a Glance: Aspects of the Home

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  9. At a Glance: Transportation

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  10. At a Glance: Retail Shopping

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  11. At a Glance: Dining Out

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Connect your tech 
    • Challenges
    • Now hiring…everywhere
    • Shrinking margins
    • Meet the expert

  12. At a Glance: Food at Home

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Strike a balance between freshness and convenience
    • Product transparency makes choices easier
    • Challenges
    • Consumers scrutinize premium brands
    • Meet the expert

  13. At a Glance: Alcoholic Beverages (At-home and On-premise)

    • Analyst perspective
    • Top Takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • RTD cocktails allow spirit brands to capture beer occasions
    • Low alcohol and alcohol alternatives for the health-conscious consumer
    • Challenges
    • Beer brands must make it worth it
    • Meet the expert

  14. At a Glance: Leisure and Entertainment

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  15. At a Glance: Travel and Vacations

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  16. At a Glance: Technology and Communications

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • Meet the expert

  17. Spotlight on Mintel Trend Driver – Value

    • Value in 2022: Strategic labeling can communicate improved value
      • Figure 33: Mintel’s Global Trend Drivers – Value
    • Convenience and In Control
    • Case study: Google Search adds doctor’s appointment booking feature
    • Quality and Climate Complexity
    • Case study: Do Good Chicken
    • Budget and Guiding Choice
    • Case study: Nutrition labels for broadband providers

  18. The Consumer – Fast Facts

  19. Americans’ Perceived Financial Health

    • More than half of Americans do not consider their financial situation to be “healthy”
      • Figure 34: Current financial situation, 2022
    • Traditionally marginalized groups are more likely to fall below “financially healthy”
      • Figure 35: Current financial situation, by gender, by ethnicity and Hispanic origin, by LGBTQ+ identity, 2022
    • Half of people are confident their financial situation will improve over the next 12 months
      • Figure 36: Anticipated change in financial situation, 2022
      • Figure 37: Anticipated change in financial situation, by gender, by ethnicity and Hispanic origin, by LGBTQ+ identity, 2022
    • Despite optimism regarding their own personal finances, half are worried about the future of the economy
      • Figure 38: Top financial situations personally concerned about, 2022
    • Older consumers are more concerned about the big picture of the economy, but younger consumers are more concerned with their own personal financial wellbeing
      • Figure 39: Top financial situations personally concerned about – Select responses, by age, 2022
    • Concerns about inflation are universal, but a third of people feel it’s primarily affecting other Americans rather than themselves
      • Figure 40: Economic outlook – Personal views versus the majority of Americans, 2022
    • Trend spotlight: The need to Prove It

  20. Consumer Spending and Category Engagement

    • Half of consumers prioritize saving any extra money they have
      • Figure 41: Plans for extra money, 2022
    • Trended data shows that during times of economic hardship, consumers’ spending priorities do not change that much
      • Figure 42: Plans for extra money, 2022
    • The largest fluctuation is between Gen Zs’ and Baby Boomers’ spending priorities
      • Figure 43: Plans for extra money, by generation, 2022
    • Food & Beverage and Home & Living are two shopping categories consumers are most engaged with
      • Figure 44: Category shopping engagement, 2022
    • Category engagement varies by demographic segments
    • Millennials are highly engaged across the food and beverage space
      • Figure 45: Category shopping engagement – Food and beverage, by generation, 2022
    • Hispanic consumers are highly engaged when shopping for in-the-home food
      • Figure 46: Category shopping engagement – Food and beverage, by ethnicity and Hispanic origin, 2022
    • Black and Hispanic consumers show higher engagement with household care shopping
      • Figure 47: Category shopping engagement – Home and living, by ethnicity and Hispanic origin, 2022
    • LGBTQ+ consumers are more likely to be highly engaged when buying technology and when shopping for the home or garden
      • Figure 48: Category shopping engagement – Home and living, by LGBTQ+ identity, 2022
    • Black, Hispanic, female and LGBTQ+ consumers more likely to be highly engaged with the personal care category
      • Figure 49: Category shopping engagement – Personal care, by ethnicity and Hispanic origin, by LGBTQ+ identity, by gender, 2022

  21. Impact of Inflation on Spend

    • The impact of inflation on consumers’ lives has been wide-ranging and diverse
      • Figure 50: Impact of inflation on personal finances and purchase habits, 2022
    • Women and parents are more likely to have felt the impact of inflation
      • Figure 51: Impact of inflation on personal finances and purchase habits, by gender, by parental status, 2022
    • Four in 10 people are stocking up and price-comparing more than usual
      • Figure 52: Current financial workarounds, 2022
    • Brand spotlight: Domino’s tips customers to encourage carryout order
      • Figure 53: Domino’s We Want to Tip You promotion, 2022
    • Women and consumers financially struggling are more likely to be adjusting their current shopping behaviors
      • Figure 54: Current financial workarounds, by gender, by current financial situation, 2022
    • Older generations are more likely to stock up and use coupons, but younger generations are more likely to limit their shopping and spending
      • Figure 55: Current financial workarounds, by generation, 2022

  22. Americans’ Perceptions of Value

    • In keeping with widespread inflation concerns, the majority of consumers are staying budget-conscious
      • Figure 56: Cautious spending versus splurge spending, 2022
    • Despite inflation, a third of Gen Z and Millennial adults continue to splurge and live in the moment
      • Figure 57: Cautious spending versus splurge spending, by generation, 2022
    • Consumers do not prioritize brand name, but do prioritize quality
      • Figure 58: Importance of brand name and quality versus price, 2022
    • Brand spotlight: Retailer K-Group’s supply chain transparency
    • Men are more likely than women to prioritize both brand name and high quality
      • Figure 59: Importance of brand name and quality versus price, by gender, 2022
    • For the majority of people, lower price comes before convenience or sustainability
      • Figure 60: Price versus convenience and price versus sustainability, 2022
    • Younger generations are more likely than older consumers to prioritize convenience and sustainability over price
      • Figure 61: Price versus convenience and price versus sustainability, by generation, 2022

  23. Appendix – Data Sources and Abbreviations

    • Data sources
    • Sales data
    • Forecast
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms

  24. Appendix – The Market

      • Figure 62: Total US retail sales and forecast of total market, at current prices, 2017-27
      • Figure 63: Total US retail sales and forecast of total market, at inflation-adjusted prices, 2017-27
      • Figure 64: Total US retail sales and forecast of housing, at current prices, 2017-27
      • Figure 65: Total US retail sales and forecast of housing, at inflation-adjusted prices, 2017-27
      • Figure 66: Best- and worst-case forecast value sales of housing, at current prices, 2022-27
      • Figure 67: Total US retail sales and forecast of health, at current prices, 2017-27
      • Figure 68: Total US retail sales and forecast of health, at inflation-adjusted prices, 2017-27
      • Figure 69: Best- and worst-case forecast value sales of healthcare products and services, at current prices, 2022-27
      • Figure 70: Total US retail sales and forecast of transportation, at current prices, 2017-27
      • Figure 71: Total US retail sales and forecast of transportation, at inflation-adjusted prices, 2017-27
      • Figure 72: Best- and worst-case forecast value sales transportation, at current prices, 2022-27
      • Figure 73: Total US retail sales and forecast of personal finance, at current prices, 2017-27
      • Figure 74: Total US retail sales and forecast of personal finance, at inflation-adjusted prices, 2017-27
      • Figure 75: Best- and worst-case forecast value sales of personal finance, at current prices, 2022-27
      • Figure 76: Total US retail sales and forecast of technology and communications, at current prices, 2017-27
      • Figure 77: Total US retail sales and forecast of technology and communications, at inflation-adjusted prices, 2017-27
      • Figure 78: Best- and worst-case forecast value sales of technology hardware and communications, at current prices, 2022-27
      • Figure 79: Total US retail sales and forecast of home and garden, at current prices, 2017-27
      • Figure 80: Total US retail sales and forecast of home and garden, at inflation-adjusted prices, 2017-27
      • Figure 81: Best- and worst-case forecast value sales of home and garden market, at current prices, 2022-27
      • Figure 82: Total US retail sales and forecast of restaurants and eating places, at current prices, 2017-27
      • Figure 83: Total US retail sales and forecast of restaurants and eating places, at inflation-adjusted prices, 2017-27
      • Figure 84: Best- and worst-case forecast value sales of restaurants and eating places, at current prices, 2022-27
      • Figure 85: Total US retail sales and forecast of in-home food, at current prices, 2017-27
      • Figure 86: Total US retail sales and forecast of in-home food, at inflation-adjusted prices, 2017-27
      • Figure 87: Best- and worst-case forecast value sales of in-home food, at current prices, 2022-27
      • Figure 88: Total US retail sales and forecast of leisure and entertainment, at current prices, 2017-27
      • Figure 89: Total US retail sales and forecast of leisure and entertainment, at inflation-adjusted prices, 2017-27
      • Figure 90: Best- and worst-case forecast value sales of leisure and entertainment, at current prices, 2022-27
      • Figure 91: Total US retail sales and forecast of vacations and tourism, at current prices, 2017-27
      • Figure 92: Total US retail sales and forecast of vacations and tourism, at inflation-adjusted prices, 2017-27
      • Figure 93: Best- and worst-case forecast value sales of vacations and tourism, at current prices, 2022-27
      • Figure 94: Total US retail sales and forecast of clothing and accessories, at current prices, 2017-27
      • Figure 95: Total US retail sales and forecast of clothing and accessories, at inflation-adjusted prices, 2017-27
      • Figure 96: Best- and worst-case forecast value sales of clothing and accessories, at current prices, 2022-27
      • Figure 97: Total US retail sales and forecast of beauty and personal care, at current prices, 2017-27
      • Figure 98: Total US retail sales and forecast of beauty and personal care, at inflation-adjusted prices, 2017-27
      • Figure 99: Best- and worst-case forecast value sales of beauty and personal care products/services, at current prices, 2022-27
      • Figure 100: Total US retail sales and forecast of alcoholic drinks (out of home), at current prices, 2017-27
      • Figure 101: Total US retail sales and forecast of alcoholic drinks (out of home), at inflation-adjusted prices, 2017-27
      • Figure 102: Best- and worst-case forecast value sales of alcoholic drinks (out of home), at current prices, 2022-27
      • Figure 103: Total US retail sales and forecast of alcoholic drinks (in home), at current prices, 2017-27
      • Figure 104: Total US retail sales and forecast of alcoholic drinks (in home), at inflation-adjusted prices, 2017-27
      • Figure 105: Best- and worst-case forecast value sales of alcoholic drinks (in home), at current prices, 2022-27
      • Figure 106: Total US retail sales and forecast of non-alcoholic drinks, at current prices, 2017-27
      • Figure 107: Total US retail sales and forecast of non-alcoholic drinks, at inflation-adjusted prices, 2017-27
      • Figure 108: Best- and worst-case forecast value sales of non-alcoholic drinks, at current prices, 2022-27
      • Figure 109: Total US retail sales and forecast of household care, at current prices, 2017-27
      • Figure 110: Total US retail sales and forecast of household care, at inflation-adjusted prices, 2017-27
      • Figure 111: Best- and worst-case forecast value sales of household care products market, at current prices, 2022-27

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