2023
9
American Lifestyles: Consumer Recovery and Reset Market Report 2023
2023-09-22T04:06:53+01:00
OX1157925
4995
166808
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Report
en_GB
“After several years of unprecedented turmoil and uncertainty, American consumers are ready to look to the future and discover their ‘next normal.’ Although economic uncertainty and global concerns persist, many…

American Lifestyles: Consumer Recovery and Reset Market Report 2023

$ 4,995 (Excl.Tax)

Description

This report provides an extensive analysis and review of American lifestyles in the United States. Shedding light on how Americans currently think and feel, expert analysis then uses this broader perspective, in this over 100-page report, to cover specific industries.

Below, we provide the report scope, summarise the key topics covered, and offer selected insights from the report itself.

Report Scope

This Mintel Report serves as an overview of American lifestyle trends and consumer spending for the year. It includes a review of demographic trends and economic factors, as well as an analysis of Americans’ spending and savings plans.

The Report also uses findings from other Mintel-published reports to analyse opportunities and challenges across 10 consumer categories. This includes health and wellbeing, housing and homecare, transportation, retail, dining out, at-home food, alcoholic beverages, leisure and entertainment, travel and vacation and technology and communication.

Key Topics Covered

  • 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 over the past year with sector-specific takeaways from Mintel’s category experts.
  • A spotlight on Mintel’s Global Trend Drivers Surroundings, Value and Wellbeing, and implications for the “next normal” of consumerism.
  • Consumers’ outlook on American life today, including perceptions of their current financial situations, goals for the coming year and considerations when it comes to shopping locally.

American Lifestyles: Consumer Overview

Most Americans are tired and want to see a brighter future. Political disputes, negative news media, and global uncertainties are all weighing heavily, impacting consumer behaviour. This isn’t necessarily bad news for brands. 60% believe people need help from companies and brands to recover from the challenges going on right now in America and the world. Now is the time to understand your consumer.

American Lifestyle Trends

Here, we explore how consumers are responding to media/technology and travel developments.

The war for consumer attention

Consumers are endlessly looking for something new on screens. The result is that brands are warring for attention. Winning this is not a case necessarily of quality over quantity, but rather capturing consumers where they are: looking for immediate information/solutions. So, brands may want to cut to the chase when delivering content to consumers. This is even more true with the advent of generative AI (discussed further inside).

Travelers want more support from brands

The era of “revenge travel” (post-lockdown) is coming to an end. However, the travel industry remains strong. According to Mintel forecasts, travel is one of three categories that will be the fastest growing over the next five years. From a consumer perspective, the need for support from brands will grow.

This is important because 53% of travellers believe that providers don’t give enough customer support when trips are changed or cancelled. Providers should also look to arm travellers with unique, human knowledge, given that they are buried under the weight of content that is out there.

What Can This Report Offer Me?

While Americans are still feeling the effects of turmoil (COVID/economic), they are in a state of recovery, and looking to reset. Responding to their needs means understanding where they are today. See your consumer/customer in a new light and inform effective strategy; buy the full report today. Alternatively, explore our library of Consumer Lifestyles Market Research.

Additional Features Included in Your Report

Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.

Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

Expert Analysis

Our Associate Director analyst Lisa Dubina delivers expert commentary on where American consumers are at today.

After several years of unprecedented turmoil and uncertainty, American consumers are ready to look to the future and discover their ‘next normal.’ Although economic uncertainty and global concerns persist, many consumers are determined to refocus on their physical and financial health over the next year. As Americans navigate this period of recovery and reset, they look to brands to provide support and encouragement.

Lisa Dubina, Associate Director of Culture and Identity
Lisa Dubina

Associate Director, Culture and Identity

Table of Contents

  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, 2018-28
    • Opportunities and challenges
    • Consumers are looking to improve their financial situation as they continue to recover from months of inflation and economic uncertainty
      • Figure 2: Current financial situation, 2021-23
      • Figure 3: Goals for the next year, 2023
    • While older generations look to improve their physical health, younger consumers exhibit heightened focus on mental wellbeing
      • Figure 4: Goals for the next year, by generation, 2023
      • Figure 5: Actions to achieve goals – Improve mental health, by generation, 2023
    • Although consumers continue to worry about the state of the world, they are ready to refocus on their future and life goals
      • Figure 6: Political and news media fatigue, 2023
      • Figure 7: Future focus and recovery, 2023
  3. America Today – Spotlight on Mintel Trends

    • Locavore & Surroundings
    • Refocusing on regional economies
    • Case study: Uber Eats shuts down ghost kitchens
    • Trading Up & Value
    • From cutbacks to splurges: a post-pandemic spending shift
    • Case study: AMC Theaters walks back on tiered ticketing
    • Prepare for the Worst & Wellbeing
    • Uncertainty as a new constant
    • Case study: Ben & Jerry’s melting ice (cream) caps
  4. America Today – The People

    • American population trends
    • Population growth continues to slow
      • Figure 8: Annual growth rate of the US population, 2012-22
    • Declining births and the increasing age of first-time mothers
      • Figure 9: Annual births, general fertility rate, 2010-21
    • Deaths are up as life expectancy declines
      • Figure 10: Number of deaths in the US, 2011-21
      • Figure 11: Life expectancy at birth, 2011-21
    • Changing American households
    • More Americans are living alone than ever before
      • Figure 12: Households, by number of members, 2012 and 2022
      • Figure 13: Households, by presence of related children, 2012-22
      • Figure 14: Married share of the population, 2012-22
      • Figure 15: Median age at first marriage, by gender, 2012-22
    • Variations in households by race and Hispanic origin
      • Figure 16: Households with related children under 18 in the household, by race and Hispanic origin of householder, 2022
  5. America Today – The Economy

    • A promising economic landscape
    • Economic recovery
    • The US economy grew for the fourth consecutive quarter
      • Figure 17: Real GDP change from the previous period, Q1 2021-Q2 2023
    • The unemployment rate remains near 50-year lows
      • Figure 18: Unemployment and underemployment, 2020-23
    • Prices continue to subside – reaching their lowest levels since March 2021
      • Figure 19: Consumer Price Index change from the previous period, 2021-23
    • Consumer impact
    • Consumer confidence soared to its highest level in 20 months
      • Figure 20: Consumer Sentiment Index, 2021-23
    • Households remain largely optimistic for their future finances
      • Figure 21: Opinions on financial future, 2022 and 2023
      • Figure 22: Consumers’ one-year ahead expected inflation rate, 2021-23
      • Figure 23: Inflation and wage growth over time, 2021-23
    • Consumers’ travel appetite is high amid the warm weather
      • Figure 24: Summer spending expectations, by household investable assets, 2023
  6. Total Market Overview

    • Estimated US consumer spending in 2023
      • Figure 25: Total US retail sales and forecast with best- and worst-case scenarios, at current prices, 2018-28
      • Figure 26: Estimated consumer spending by category, at current prices ($ bn), 2023
    • Largest categories of spending: healthcare, housing, transportation
    • Healthcare
      • Figure 27: Best- and worst-case forecast value sales of healthcare products and services, at current prices, 2018-28
    • Housing
      • Figure 28: 30-year fixed mortgage rate, monthly, 2009-23
      • Figure 29: Home purchase timeline, 2022
      • Figure 30: Best- and worst-case forecast value sales of housing market, at current prices, 2018-28
    • Transportation
      • Figure 31: Best- and worst-case forecast value sales of transportation, at current prices, 2018-28
    • Fastest growing categories for the next five years
      • Figure 32: Market growth by category, 2023-28
    • Non-alcoholic drinks
    • Travel and vacation
    • Alcoholic beverages (in home)
    • Slowest growing categories for the next five years
    • Home and garden
    • Transportation
    • In-home food
  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
    • Challenges
    • Meet the expert
  12. At a Glance: Food at Home

    • Analyst perspective
    • Top takeaways
    • What’s happened until now
    • Looking ahead
    • Opportunities
    • Challenges
    • 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
    • Give consumers the option to moderate, or not
    • Challenges
    • 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. The Consumer – Fast Facts

  18. Americans’ Financial Health and Planning

    • Only a third of consumers consider their current financial situation to be healthy, notably fewer compared to previous years
      • Figure 33: Current financial situation, 2021-23
    • Younger consumers and traditionally marginalized groups in particular are struggling
      • Figure 34: Current financial situation, by generation, 2023
      • Figure 35: Current financial situation, by race and Hispanic origin, 2023
    • Increases in food/drink costs and gas prices are the most common effects of inflation
      • Figure 36: Impact of inflation, 2023
    • Nearly half of consumers have cut back on leisure activities and luxuries due to inflation
      • Figure 37: Actions due to inflation, 2023
    • While Millennials and Gen Xers have put off major purchases or chosen lower-cost alternatives, Gen Zers have leveraged alternative buying methods
      • Figure 38: Actions due to inflation, by generation, 2023
    • Half of consumers plan to save extra funds for the future
      • Figure 39: Plans for extra money, 2023
    • While Gen Zers are prioritizing entertainment, treats and gifts for others, Millennials are saving and investing
      • Figure 40: Plans for extra money, by generation, 2023
  19. Consumer Goal Planning

    • The majority of consumers are prioritizing their physical and financial health going into next year
      • Figure 41: Goals for the next year, 2023
    • Consumers’ goals vary based on current lifestage
      • Figure 42: Goals for the next year, by generation, 2023
    • Among those who seek to improve their physical health, the majority plan to exercise more
      • Figure 43: Actions to achieve goals – Improve physical health, by generation, 2023
    • While financed-focused Gen Xers and Baby Boomers prioritize cutting back, younger consumers look for new income and investment opportunities
      • Figure 44: Actions to achieve goals – Improve financial status, by generation, 2023
    • Gen Zers continue to be heavily focused on mental wellbeing
      • Figure 45: Actions to achieve goals – Improve mental health, by generation, 2023
  20. Outlook on the Country

    • The majority of consumers are worried about the state of the world, but young adults are more likely to feel it’s impacting their mental wellbeing
      • Figure 46: Outlook on state of the world, 2023
      • Figure 47: Outlook on state of the world, by generation, 2023
    • Inflation and domestic politics are the most concerning social issues for American consumers
      • Figure 48: Top issues of concern, 2023
    • Younger consumers show more concern about climate change and COVID-19 than older generations
      • Figure 49: Top issues of concern, by generation, 2023
    • Three quarters of consumers are fatigued by political disputes and news media
      • Figure 50: Political and news media fatigue, 2023
    • The majority of consumers are ready to refocus on the future and are looking to brands for help in coping and recovery
      • Figure 51: Future focus and recovery, 2023
    • Younger and multicultural consumers expect more from brands
      • Figure 52: Future focus and recovery, by generation and by ethnicity and Hispanic origin, 2023
  21. Americans’ Perceptions of Shopping Local

    • Consumers who are financially healthy and have a higher household income are the most likely to prioritize shopping local
      • Figure 53: Prioritizing shopping local, by household income and by financial situation, 2023
    • Parents and multigenerational households are more likely to buy local
      • Figure 54: Prioritizing shopping local, by parental status and by multigenerational household status, 2023
    • Produce, proteins and service providers such as restaurants are considered the most important categories in which to buy local
      • Figure 55: Important categories in which to shop local, 2023
    • Benefiting the local economy is a main driver behind buying local
      • Figure 56: Local shopping drivers and barriers, 2023
    • The majority of consumers want to see more global brands partner with local businesses
      • Figure 57: Global partners, by generation, 2023
      • Figure 58: Buying “made in America,” by generation, 2023
    • Brand spotlight: Kraft Heinz lends a hand to local businesses
      • Figure 59: Kraft Peanut Butter supports local businesses
  22. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Abbreviations and terms
    • Abbreviations
    • Terms
  23. Appendix – The Market

      • Figure 60: Total US retail sales and forecast of total market, at current prices, 2018-28
      • Figure 61: Total US retail sales and forecast of total market, at inflation-adjusted prices, 2018-28
      • Figure 62: Total US retail sales and forecast of housing, at current prices, 2018-28
      • Figure 63: Total US retail sales and forecast of housing, at inflation-adjusted prices, 2018-28
      • Figure 64: Best- and worst-case forecast value sales of housing, at current prices, 2018-28
      • Figure 65: Total US retail sales and forecast of health, at current prices, 2018-28
      • Figure 66: Total US retail sales and forecast of health, at inflation-adjusted prices, 2018-28
      • Figure 67: Best- and worst-case forecast value sales of healthcare products and services, at current prices, 2018-28
      • Figure 68: Total US retail sales and forecast of transportation, at current prices, 2018-28
      • Figure 69: Total US retail sales and forecast of transportation, at inflation-adjusted prices, 2018-28
      • Figure 70: Best- and worst-case forecast value sales transportation, at current prices, 2018-28
      • Figure 71: Total US retail sales and forecast of personal finance, at current prices, 2018-28
      • Figure 72: Total US retail sales and forecast of personal finance, at inflation-adjusted prices, 2018-28
      • Figure 73: Best- and worst-case forecast value sales of personal finance, at current prices, 2018-28
      • Figure 74: Total US retail sales and forecast of technology and communications, at current prices, 2018-28
      • Figure 75: Total US retail sales and forecast of technology and communications, at inflation-adjusted prices, 2018-28
      • Figure 76: Best- and worst-case forecast value sales of technology hardware and communications, at current prices, 2018-28
      • Figure 77: Total US retail sales and forecast of home and garden, at current prices, 2018-28
      • Figure 78: Total US retail sales and forecast of home and garden, at inflation-adjusted prices, 2018-28
      • Figure 79: Best- and worst-case forecast value sales of home and garden market, at current prices, 2018-28
      • Figure 80: Total US retail sales and forecast of restaurants and eating places, at current prices, 2018-28
      • Figure 81: Total US retail sales and forecast of restaurants and eating places, at inflation-adjusted prices, 2018-28
      • Figure 82: Best- and worst-case forecast value sales of restaurants and eating places, at current prices, 2018-28
      • Figure 83: Total US retail sales and forecast of in-home food, at current prices, 2018-28
      • Figure 84: Total US retail sales and forecast of in-home food, at inflation-adjusted prices, 2018-28
      • Figure 85: Best- and worst-case forecast value sales of in-home food, at current prices, 2018-28
      • Figure 86: Total US retail sales and forecast of leisure and entertainment, at current prices, 2018-28
      • Figure 87: Total US retail sales and forecast of leisure and entertainment, at inflation-adjusted prices, 2018-28
      • Figure 88: Best- and worst-case forecast value sales of leisure and entertainment, at current prices, 2018-28
      • Figure 89: Total US retail sales and forecast of vacations and tourism, at current prices, 2018-28
      • Figure 90: Total US retail sales and forecast of vacations and tourism, at inflation-adjusted prices, 2018-28
      • Figure 91: Best- and worst-case forecast value sales of vacations and tourism, at current prices, 2018-28
      • Figure 92: Total US retail sales and forecast of clothing and accessories, at current prices, 2018-28
      • Figure 93: Total US retail sales and forecast of clothing and accessories, at inflation-adjusted prices, 2018-28
      • Figure 94: Best- and worst-case forecast value sales of clothing and accessories, at current prices, 2018-28
      • Figure 95: Total US retail sales and forecast of beauty and personal care, at current prices, 2018-28
      • Figure 96: Total US retail sales and forecast of beauty and personal care, at inflation-adjusted prices, 2018-28
      • Figure 97: Best- and worst-case forecast value sales of beauty and personal care, at current prices, 2018-28
      • Figure 98: Total US retail sales and forecast of alcoholic drinks (out of home), at current prices, 2018-28
      • Figure 99: Total US retail sales and forecast of alcoholic drinks (out of home), at inflation-adjusted prices, 2018-28
      • Figure 100: Best- and worst-case forecast value sales of alcoholic drinks (out of home), at current prices, 2018-28
      • Figure 101: Total US retail sales and forecast of alcoholic drinks (in home), at current prices, 2018-28
      • Figure 102: Total US retail sales and forecast of alcoholic drinks (in home), at inflation-adjusted prices, 2018-28
      • Figure 103: Best- and worst-case forecast value sales of alcoholic drinks (in home), at current prices, 2018-28
      • Figure 104: Total US retail sales and forecast of non-alcoholic drinks, at current prices, 2018-28
      • Figure 105: Total US retail sales and forecast of non-alcoholic drinks, at inflation-adjusted prices, 2018-28
      • Figure 106: Best- and worst-case forecast value sales of non-alcoholic drinks, at current prices, 2018-28
      • Figure 107: Total US retail sales and forecast of household care, at current prices, 2018-28
      • Figure 108: Total US retail sales and forecast of household care, at inflation-adjusted prices, 2018-28
      • Figure 109: Best- and worst-case forecast value sales of household care products market, at current prices, 2018-28

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

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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Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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