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- American Lifestyles Consumer Report 2024
As Americans continue to contend with inflation and the tight housing market, consumers are eager for change and the opportunity to splurge where they’re able.
Lisa Dubina, Senior Culture and Identity Analyst
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Executive Summary
- What you need to know
- Consumer trends: key takeaways
- Opportunities
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America Today
- The people
- The US population growing slowly and growing older: 342 million Americans in 2024 with an average age of about 39 years
- Graph 1: population (millions), 1950-2050*
- Graph 2: median age of the US population, 1940-2050
- Following the pandemic-incited population growth dip and recovery, the growth rate is projected to continue its slow decline
- Graph 3: annual population growth rate and projections, 2014-29
- The steadily declining fertility rate is one factor contributing to the country's slowing population growth
- Immigration has become a key driver in post-pandemic population growth
- Graph 4: net immigration, 2012-22
- Life expectancy and number of deaths has begun to return to pre-COVID trends
- Graph 5: life expectancy at birth, 2012-22
- Graph 6: number of deaths in the US, 2014-22
- Life expectancy and number of deaths has begun to return to pre-COVID trends
- The size and dynamics of US households continue to evolve
- Graph 7: households, by number of members, 2023
- Graph 8: households, by number of members, 2013
- Brands may need to adjust their product offerings and marketing strategies to better serve smaller households' preferences and needs
- Graph 9: households, by presence of own children, 2013-23
- Family discounts, household management tools and kid-centric products are opportunities to appeal to Asian and Hispanic families
- Graph 10: households with children under 18 in the households, by race and Hispanic origin, 2023
- The economy
- Market context
- The US expanded by 3.4% in the fourth quarter, but slowed to just 1.6% growth for Q1 2024
- Graph 11: quarterly real GDP growth, 2020-Q1 2024*
- Consumer prices rose by 3.5% in March, an uptick from February
- Graph 12: headline CPI, shelter CPI and Zillow Rent Index, 2022-24
- Unemployment continues to sit near historic lows
- Graph 13: unemployment rate, 2019-24
- Consumers are the most upbeat they have been in nearly three years
- Graph 14: consumer sentiment index, 2021-24
- Consumers' financial outlooks are increasingly optimistic
- Graph 15: opinions on financial future, 2023 and 2024
- Affordability remains a key concern in housing and mortgages
- Recovery of the housing market in 2024 is not impossible, but still a long-way out
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Consumer Insights
- Consumer fast facts
- Outlook on 2024
- Change is on the horizon for the majority of US consumers
- Graph 16: major life events expected this year, 2024
- Expected milestones at work vary by generation and stage of life
- Graph 17: expected work life changes this year, by generation, 2024
- Reflecting the trend of slowing birth and marriage rates, Gen Zers are most likely to expect to adopt a pet this year
- Graph 18: major life household events expected this year, by generation, 2024
- More financially stable consumers are investing in their current homes, while those less financially stable expect to relocate
- Graph 19: major life events expected this year, by household income and financial status, 2024
- Savings vehicles and value-adds will be in demand in 2024 as the majority of consumers are still feeling the impact of inflation
- Graph 20: 2024 financial plans and goals, 2024
- BNPL and other financing options can provide consumers the flexibility for the occasional splurge despite continued financial caution
- Graph 21: 2024 financial plans and goals, by race and Hispanic origin, 2024
- Graph 22: 2024 financial plans and goals, by generation, 2024
- Three in 10 consumers would put a hypothetical windfall toward travel or vacation, indicating the desire for escapism
- Graph 23: top three categories for a $500 spending spree, 2024
- In general, older, White and Asian consumers prioritize splurging on experiences rather than material purchases
- Graph 24: top three categories for $500 spending spree, by generation, 2024
- Graph 25: top three categories for $500 spending spree, by race and Hispanic origin, 2024
- Current housing situation
- Although the majority of surveyed consumers own their residence, 29% rely on renting
- Graph 26: current primary residence, 2024
- Renting is more common among young and traditionally marginalized consumer groups
- Graph 27: current primary residence, by race and Hispanic origin, and by LGBTQ+ identity, 2024
- Graph 28: current primary residence, by generation and by parental status, 2024
- Nearly half of consumers feel "stuck" in their current home
- Brands can provide home improvement instructions and guidance to young consumers feeling stuck in their current residence
- Graph 29: outlook on current residence, by generation, by race and Hispanic origin, 2024
- Brands can also provide hacks to make current home space more flexible and multifunctional
- Graph 30: outlook on current residence, by select demographics, 2024
- Among those who don't currently own, the outlook on future homeownership is bleak
- Graph 31: agreement – "I don't think I'll ever be able to afford owning my own house," by outlook on current residence, 2024
- Younger generations still hold out some hope that they will own their own home one day, but older non-owners are doubtful of their prospects
- Graph 32: agreement – "I don't think I'll ever be able to afford owning my own house," by generation, by race and Hispanic origin, 2024
- Future housing plans
- Two in five consumers expect to relocate in the next three years
- Graph 33: plans to move in the next three years, 2024
- Upsizing due to a growing household is the primary reason consumers expect to relocate in the next three years
- Graph 34: motivations to move in the next three years, 2024
- While Gen Zers and Millennials look to upsize for their growing households, Baby Boomers seek to downsize
- Graph 35: motivations to move in the next three years, by generation and current household, 2024
- Graph 36: motivations to move in the next three years, by parental status, marital status, 2024
- Nearly 30% of consumers are putting off moving for financial reasons
- Graph 37: reasons for being not likely to move in the next three years, 2024
- Consumers who financially cannot afford to move are more likely to be Hispanic or Asian Gen Xers
- Nearly half of consumers are turning to alternative home updates while interest rates remain high
- Outlook on work
- Bucking the headlines, most workers feel happy and secure in their current job – though rates are lower among Gen Zers and Millennials
- Graph 38: sense of security in current work position – among employed consumers – by generation, 2024
- Graph 39: happiness in current work position – among employed consumers – by generation, 2024
- Women, LGBTQ+ and multicultural consumers are less likely to feel secure in their current employment
- Graph 40: sense of security in current work position – among employed consumers – by select demographics, 2024
- Part-time and remote workers are also less likely to feel secure in their current work position
- Graph 41: sense of security in current work position – among employed consumers – by employment status and work situation, 2024
- Though the majority are happy in their current position, four in 10 workers anticipate job searching this year
- Graph 42: likelihood to search for new job opportunities – among employed consumers – by generation, 2024
- Graph 43: likelihood to look for new job opportunities – among employed consumers – by current work situation, 2024
- Among workers who plan to job search this year, changing jobs is considered to be crucial for career advancement
- Graph 44: agreement – "Changing jobs and employers is the best way to advance your career," by current work situation, 2024
- Graph 45: agreement – "Changing jobs and employers is the best way to advance your career," by generation, 2024
- Nearly three fourths of Gen Zers and Millennials still prioritize remote or hybrid work
- Graph 46: agreement – "I would rather work for a company that allows remote/ hybrid work than a company that requires its employees to always work on-site," by generation, 2024
- The calls for remote and hybrid work are not going away anytime soon
- Graph 47: agreement – "I would rather work for a company that allows remote/hybrid work than a company that requires its employees to always work on-site," by current working status, 2024
- Graph 48: agreement – "I would rather work for a company that allows remote/hybrid work than a company that requires its employees to always work on-site," by parental status and LGBTQ+ identity, 2024
- The calls for remote and hybrid work are not going away anytime soon
- Attitudes towards workers' rights
- A third of Gen Zers personally participated in or know someone who participated in the 2023 summer of strikes
- Graph 49: connection to workers' strikes in the past year, by generation, 2024
- Prospective job searchers are more likely to have connection to recent workers' strikes
- Graph 50: connection to workers' strikes in the past year, by current work status, 2024
- Pro-union sentiment continues to be strong among young, diverse and urban-dwelling consumers
- Graph 51: agreement – "Organized labor unions are essential to ensuring workers are treated fairly," by generation, 2024
- Graph 52: agreement – "Organized labor unions are essential to ensuring workers are treated fairly," by race and Hispanic origin, by area of residence, 2024
- Brands need to remain cognizant of the consumer groups that consider employee treatment in purchasing decisions
- Graph 53: agreement – "When choosing which brands to buy, I consider if a company treats and pays their employees fairly," by race and Hispanic origin, 2024
- Graph 54: agreement – "When choosing which brands to buy, I consider if a company treats and pays their employees fairly," by generation, 2024
- Brands need to remain cognizant of the consumer groups that consider employee treatment in purchasing decisions
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Total Market
- Total market overview
- Total consumer spending* is estimated to top $17 trillion in 2023 and forecast to increase by nearly $900 billion in 2024
- Housing, healthcare and transportation are the largest categories and make up over half of total consumer spend
- Graph 55: consumer spending, by segment ($ bn), 2023 (est)
- Total consumer spending*, at current prices, 2018-28
- Total consumer spending*, at inflation-adjusted prices, 2018-28
- Nonessentials are forecast for strongest growth over the next five years, reflecting consumers' eagerness to splurge as they're able
- Graph 56: consumer spending growth, by segment (%), 2018-23 vs 2023-28 (fore)
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Category reviews
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Health
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for health, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Housing
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for housing, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Transportation
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for transportation, 2018-28
- Market size and forecast – current prices
- Market size and forecast – inflation-adjusted prices
- Opportunities
- Opportunities (cont.)
- Challenges
- Challenges (cont.)
- Consumer fast facts
- Looking ahead
- Meet the expert
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Personal Finance
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for personal finance, 2018-28
- Market size and fan chart – current prices
- Market size and fan chart – inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Clothing & Accessories
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for clothing and accessories, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the experts
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Beauty & Personal Care
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for beauty and personal care, 2018-28
- Market size and forecast for beauty and personal care, 2018-28
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Household Care
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for household care, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Home & Garden
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for home and garden, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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In-home Food
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for in-home food, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Restaurants & Eating Places
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for the total foodservice market, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Alcoholic Drinks (In Home)
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for alcohol at home, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Alcoholic Drinks (Away From Home)
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for alcoholic drinks (out of home) 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Non-alcoholic Drinks
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for non-alcoholic drinks, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Leisure & Entertainment
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for leisure & entertainment, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Technology & Communications
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for technology & communications, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Vacations & Tourism
- Category trends
- Category context
- Market performance
- Market size and fan chart forecast for vacations & tourism, 2018-28
- Market size and forecast at current prices
- Market size and forecast at inflation-adjusted prices
- Opportunities
- Challenges
- Consumer fast facts
- Looking ahead
- Meet the expert
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Appendix
- Consumer research methodology
- Generations
- Abbreviations and terms
- The market
- Market definition
- Category definitions
- Category definitions, continued
- Forecast
- Category forecast variables
- Category forecast variables, continued
- Forecast fan chart
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