“Cooling inflation and a solid labor market are likely the direct contributors to consumers’ positive outlook entering the new year. With further rate hikes and unemployment projected to rise, revisiting these sentiments six months from now – which is when experts project the US to enter a mild recession – will be interesting to observe.”

– Amr Hamdi, Senior Finance Analyst

This Report will look at the following areas:

  • Change in consumer finances within the past year
  • Sentiments toward consumers’ financial futures
  • Consumers’ past spending behaviors
  • Consumers’ future spending expectations
  • How consumers plan to manage ongoing inflation

Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Market context
        • Executive Summary

            • Top takeaways
              • Despite economic challenges, nearly half of consumers are optimistic about their finances in 2023
                • Figure 1: Consumers’ one-year ahead expected inflation rate, 2021-22
                • Figure 2: Opinions on financial future, 2022
              • Adding to savings remains top of mind for consumers – a strong opportunity for FIs to prop up their high-yield savings accounts
                • Figure 3: Future spending expectations, by generation, 2022
                • Figure 4: Ally high-yield savings account email, 2022
                • Figure 5: Capital One 360 Performance Savings email, 2023
              • The types of financial compromises households will make remains tied to their current financial situations
                • Figure 6: Changes consumers would make due to inflation, by financial situation, 2022
            • Market overview

                • Opportunities and challenges
                  • Consumers exhaust pandemic era savings
                    • Figure 7: Personal Saving Rate, seasonally adjusted, 2004-22
                  • Housing activity faces further slowdowns in 2023
                    • Figure 8: 30-year fixed mortgage rate, 2005-2022
                    • Figure 9: Inflation and wage growth over time, 2020-22
                  • Remain focused on customer-centricity in times of economic hardship
                    • Figure 10: SoFi financial health email, 2022
                  • Key consumer insights
                    • Low-income households remain the most pessimistic about their financial futures
                      • Figure 11: Opinions on financial future, by income level, 2022
                    • Struggling households have had to make the most financial changes to manage rising inflation
                      • Figure 12: Extent of financial changes made due to inflation, by financial situation, 2022
                  • State of the Economy

                    • Economic overview
                      • Figure 13: Key economic indicators, 2022
                    • Real GDP increased at an annualized rate of 3.2% in Q3 2022.
                      • Figure 14: Real GDP change from previous period, Q1 2007-Q3 2022
                    • DPI dropped by nearly 2.5% for the 12-months ending November
                      • Figure 15: Disposable Personal Income change from previous period, 2007-2022
                    • Consumer confidence rebounded back to 59.7 in December
                      • Figure 16: Consumer sentiment index, 2007-22
                    • Inflationary pressures continued to ease
                      • Figure 17: Consumer price index change from previous period, 2007-22
                    • Labor markets remained resilient
                      • Figure 18: Unemployment and underemployment, 2007-22
                  • Consumers and the Economic Outlook – Fast Facts

                    • Change in Financial Situation

                      • Consumers’ financial situations worsened since May 2022
                        • Figure 19: Change in financial situation in the past 12 months, 2022
                      • A third of retired adults are financially worse off than before
                        • Figure 20: Change in financial situation in the past 12 months, by employment status, 2022
                        • Figure 21: TIAA retirement planning email, 2022
                    • Spending Behaviors

                      • Spending slightly declined across key categories before the busy holiday season
                        • Figure 22: Past spending behaviors, 2022
                      • Higher-income households’ travel appetite remains high – a boon for card issuers
                        • Figure 23: Future spending expectations, by income level, 2022
                        • Figure 24: Highest priority financial goals in 2023, by income level, 2023
                        • Figure 25: Chase Sapphire Preferred card offer, 2023
                        • Figure 26: Attitudes and behaviors toward credit card upgrades, by generation, 2022
                        • Figure 27: Amex Platinum email, 2023
                    • Changes Consumers Would Make Due to Inflation

                      • Tapering back spending on dining out and clothes remains the top ways consumers plan on stretching their dollars
                        • Figure 28: Changes consumers would make due to inflation, 2022
                      • 21% of Millennials expect to buy more on credit – the highest out of any generation
                        • Figure 29: Willingness to use more credit, by generation, 2022
                        • Figure 30: Klarna financial wellness blog, 2023
                    • Appendix – Data Sources and Abbreviations

                      • Data sources
                        • Consumer survey data
                          • Marketing creative
                            • Abbreviations and terms
                              • Abbreviations

                              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.


                              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.


                              Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.


                              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.


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

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