2024
9
US Consumers and the Economic Outlook 2024
2024-01-31T10:02:24+00:00
REPCEF7E9B6_EC87_445E_A94D_A1B867C305A1
3695
170002
[{"name":"Consumers and Trends","url":"https:\/\/store.mintel.com\/industries\/consumers-trends"},{"name":"Finance","url":"https:\/\/store.mintel.com\/industries\/finance"}]
Report
en_GB
Over a year removed from the worst bout of inflation the country has seen in four decades, the US economy has continued to defy expectations. Amr Hamdi, Finance Analyst…

US Consumers and the Economic Outlook 2024

£ 3,695 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s US Consumers and the Economic Outlook Report 2024. Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

Topics Analysed in this Report

  • Change in consumer finances within the past year.
  • Consumers’ outlook on their finances over the next 12 months.
  • Consumers’ past spending behaviours.
  • Consumers’ future spending expectations.

US Economic Outlook

The US economy currently sits in an encouraging position. Annual inflation is rising at its slowest pace in over two years, the labour market has sustained its post-pandemic resilience, and real GDP growth has continued to see healthy gains quarter-to-quarter.

  • Consumer confidence: 50% of US consumers agreed that they were better off financially in the second half of 2023.

Consumer Trends: Key Takeaways

Student loans continue to concern younger adults

With younger consumers already contending with lower levels of purchasing power, further debt obligations in the form of student loan repayments will have only eroded this purchasing power further, leading to gloomier financial outlooks among this segment.

  • Consumer behaviour: 33% of Gen Z are financially worse off in the second half of 2023 compared to the first half.

Travel appetite holds strong

Travel cards that carry high annual fees will remain alluring for the wealthier, jet-setting customers. While this audience remains a core focus for these issuers, the middle-income brackets also present an enticing acquisition opportunity considering they have the largest appetite for international travel.

Purchase our US Consumers and the Economic Outlook Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities. Readers of this report may also be interested in our US Financial Services Report 2024, or our range of Financial Services Market Research.

Additional Features Included with Your Purchase

  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.

Expert Insights from a Finance Analyst

This report, written by Amr Hamdi, a leading research analyst, delivers in-depth commentary and analysis to highlight economic outlook trends and add expert context to the numbers.

Over a year removed from the worst bout of inflation the country has seen in four decades, the US economy has continued to defy expectations.

Amr Hamdi, Finance Analyst

Amr Hamdi
Finance Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Consumer trends: key takeaways
    • Graph 1: opinions on financial future, 2024
    • Graph 2: wages and CPI, percent change from year ago, 2021-23
    • Graph 3: % of consumers concerned about student loan repayments, by generation, 2024
    • Graph 4: planned financial behaviors over the next three months, by household income, 2024
    • Opportunities
    • Graph 5: planned financial behaviors over the next three months, by age, 2024
  2. Consumer Insights

    • Consumer fast facts
    • Consumers' financial outlooks
    • Graph 6: opinions on financial future, by household income, 2024
    • Change in financial situation
    • Graph 7: change in financial situation over the past 12 months, 2024
    • Graph 8: % of consumers that are financially worse off, by employment status, 2024
    • Graph 9: % of consumers that are financially better off, by marital status, 2024
    • Graph 10: % of consumers that are financially worse off, by generation, 2024
    • Economic concerns
    • Graph 11: top economic concerns ranked, 2024
    • Graph 12: % of consumers most concerned about inflation, by financial situation, 2024
    • Financial behaviors
    • Graph 13: financial behaviors over the past year, 2024
    • Graph 14: planned financial behaviors over the next three months, by household income, 2024
    • Changes consumers would make in their budgets
    • Graph 15: changes consumers have made and would make to their budgets, 2024
    • Graph 16: changes consumers would make if forced to restrict their budgets, by financial situation, 2024
    • Graph 17: changes consumers have made to their budgets in the past six months, by financial situation, 2024
    • Graph 18: changes consumers would make if forced to restrict their budgets, by generation, 2024
  3. State of the Economy

    • Graph 19: quarterly real GDP growth, 2020-23
    • Graph 20: headline CPI, core CPI, and shelter CPI, 2021-23
    • Graph 21: unemployment rate, 2019-23
    • Graph 22: consumer sentiment index, 2021-24
  4. Appendix

    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.

    Brand/Company

    Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

    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.

    Below is a sample report, understand what you are buying.

    Click to show report
    2024 Sample Consumer Cover

    Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

    Trusted by companies. Big and small.

    Want to speak to us directly?

    Contact us with your enquiry and our expert global team can help.

    Get in touch