2024
9
US Financial Services Market Report 2024
2024-01-31T00:01:40+00:00
REPF5C7BD2C_3127_45B6_B936_F4EE7D6BD85D
1600
169987
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Report
en_GB
Rising demand for well-rounded financial products will catalyze competition among financial brands in 2024, with non-quantitative features rising to prominence. Patrick Rahlfs, Senior Research Analyst…

US Financial Services Market Report 2024

£ 1,600 (Excl.Tax)

Description

Mintel’s Financial Services in 2024 Report analyses the US financial services consumer, including consumer habits, financial priorities, and attitudes towards financial services in 2024. Mintel’s expert analysts use cutting edge US financial services market research to provide context and what consumer behavior means for the US financial services industry.

Key Issues Covered in this Report

  • Impacts of inflation on financial outlooks.
  • Top financial priorities for 2024.
  • Planned financial account openings for 2024.
  • Most desired product features for 2024.
  • Desired forms of financial support from banks.
  • Attitudes towards financial services in 2024.

Financial Services Industry in the US – Current Overview

Projected demand for every type of financial product increased from last year, as consumers are no longer attempting to wait out inflation and more actively re-strategizing towards a new economic environment. The US financial services market has seen a particular focus on spend-based products like credit cards and buy now, pay later financing.

US Financial Services Consumer Trends

For institutions in the US financial services industry, rising demand provides a clear acquisition opportunity as consumers feel the need to expand their array of products. Institutions with existing customer relationships will have an inherent advantage due to the sustained preference for bundling and a rising focus on non-quantitative upgrades in features like digital experiences and customer service. Despite the ample marketing opportunity that accompanies rising demand, some troubling trends in household debt suggest the potential for choppy waters ahead.

Purchase the full report to learn more about the financial services industry in US, featuring Mintel’s consumer-led market intelligence and recommendations for growth opportunities.

Expert Analysis from an Industry Specialist

This report, written by Patrick Rahlfs, a leading research analyst, delivers in-depth commentary and analysis to highlight financial services trends and add expert context to the numbers.

Rising demand for well-rounded financial products will catalyze competition among financial brands in 2024, with non-quantitative features rising to prominence.

Patrick Rahlfs, Senior Research AnalystPatrick Rahlfs
Senior Research Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Graph 1: planned new financial accounts, by year, 2023-24
    • Graph 2: desired features from new financial accounts, by year, 2023-24
    • Graph 3: impact of student loan repayments on budget, by parental status, 2024
  2. Consumer Insights

    • The financial services consumer: fast facts
    • Impacts of inflation
    • Graph 4: impacts of inflation on personal finance, 2024
    • Graph 5: waiting for inflation to subside to make a big purchase, by year, 2023-24
    • Graph 6: attitudes toward inflation, by Hispanic origin, 2024
    • Graph 7: attitudes toward inflation, by parental status, 2024
    • Graph 8: attitudes toward combating inflation, by income, 2024
    • Graph 9: budget monitoring due to inflation, by age, 2024
    • Financial goals for 2024
    • Graph 10: highest priority financial goals, 2024
    • Graph 11: financial priorities of Gen Z, by year, 2023-24
    • Graph 12: financial priorities of Millennials, 2023-24
    • Graph 13: highest priority financial goals, by race, 2024
    • Planned accounts for 2024
    • Graph 14: planned new financial accounts for 2024, 2024
    • Graph 15: planned new financial services accounts, by year, 2023-24
    • Graph 16: Millennial plans to use a BNPL service, by year, 2023-24
    • Graph 17: planned new financial accounts, by gender, 2024
    • Graph 18: planned new financial services accounts, by generation, 2024
    • Graph 19: planned new financial services accounts, by race, 2024
    • Most prioritized features
    • Graph 20: desired features from new accounts, 2024
    • Graph 21: desired features from new financial accounts, by year, 2022-23
    • Graph 22: Millennials’ prioritized features from new financial services accounts, 2023-24
    • Graph 23: desired features from new financial accounts, by race, 2024
    • Graph 24: desired features from new financial accounts, by financial situation, 2024
    • Financial support
    • Graph 25: desired forms of financial support, 2024
    • Graph 26: desired forms of financial support, by year, 2021-24
    • Graph 27: desired forms of financial support, by age and gender, 2024
    • Graph 28: desired forms of financial support, by financial situation, 2024
    • Graph 29: desired forms of financial support, by parental status, 2024
    • Attitudes toward Financial Services
    • Graph 30: attitudes toward bundling and switching, 2024
    • Graph 31: attitudes toward bundling and switching, by generation, 2024
    • Graph 32: attitudes toward connected experiences and bundling, by race, 2024
    • Graph 33: Gen Z attitudes toward cryptocurrency, by year, 2023-24
    • Graph 34: attitudes toward AI-powered financial advisors, by age and household income, 2024
    • Graph 35: impacts of student loan repayments, by parental status, 2024
  3. Competitive Strategies

    • Marketing and advertising
    • Graph 36: share of marketing spend, by subindustry, 2022-23
    • Opportunities
  4. The Market

    • Market drivers
    • Graph 37: Consumer Price Index, 2018-23
    • Graph 38: Consumer Sentiment Index, 2018-2023
    • Graph 39: New delinquent balances, by loan type, 2018-23
    • Graph 40: Debt share by product type and age, 2023 Q3
  5. 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.

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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.

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