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

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  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Consumers' financial outlooks are more upbeat off the back of cooling inflation
    • Graph 1: opinions on financial future, 2024
    • Wages have outpaced prices since last May – the first time in over two years
    • Graph 2: wages and CPI, percent change from year ago, 2021-23
    • Student loan repayments remain a pain point for younger consumers
    • Graph 3: % of consumers concerned about student loan repayments, by generation, 2024
    • Consumers' appetite for travel remains strong early in the year
    • Graph 4: planned financial behaviors over the next three months, by household income, 2024
    • Opportunities
    • Greater engagement is needed between FIs and those impacted by the student loan payment restart
    • NetCredit and Fidelity reached out to impacted customers to remind them of the wellness tools they have at their disposal
    • High-earners' travel voracity presents golden retention and acquisition windows for issuers
    • High annual fee cards touted the elevated travel experience and perks that come with being a member
    • Consumers of all ages are planning to add to their savings coming off the holidays
    • Graph 5: planned financial behaviors over the next three months, by age, 2024
    • Households' saving intentions present significant acquisition opportunities for FIs' high-yield offerings
    • Laurel Road and Barclays went beyond standard rate-callouts – highlighting the lack of fees as well as showcasing their other high-yield products
  2. Consumer Insights

    • Consumer fast facts
    • Consumers' financial outlooks
    • Consumers' financial optimism is drawn out across most income brackets
    • Graph 6: opinions on financial future, by household income, 2024
    • FIs must offer up more support to their financially struggling customers
    • Financial services brands spotlight debt repayment resources to help customers heading into the new year
    • Change in financial situation
    • 34% of consumers have seen their financial situations improve off the back of a solid economic climate
    • Graph 7: change in financial situation over the past 12 months, 2024
    • Consumers not currently seeking work are least likely to feel financially worse off
    • Graph 8: % of consumers that are financially worse off, by employment status, 2024
    • Married consumers are the most likely to have seen positive gains across their finances
    • Graph 9: % of consumers that are financially better off, by marital status, 2024
    • Student loan repayments are likely to have hampered the financial progress of younger generations
    • Graph 10: % of consumers that are financially worse off, by generation, 2024
    • Economic concerns
    • Inflation is households' top ranking concern, especially among those financially struggling
    • Graph 11: top economic concerns ranked, 2024
    • Financially struggling households are the most concerned about inflation
    • Graph 12: % of consumers most concerned about inflation, by financial situation, 2024
    • Financial behaviors
    • While discretionary spending tends to rise in time for the holidays, many households still found room to add to their savings late last year
    • Graph 13: financial behaviors over the past year, 2024
    • High-earners expect to spend more of their money improving their homes in the near term
    • Graph 14: planned financial behaviors over the next three months, by household income, 2024
    • Discover balances quantitative and experience-driven factors in its home equity loan messaging
    • Changes consumers would make in their budgets
    • Cheaper grocery alternatives and spending less on clothes and dining out are how most consumers are stretching their dollars
    • Graph 15: changes consumers have made and would make to their budgets, 2024
    • Lower-earning consumers will naturally pursue the more cost-effective options
    • Graph 16: changes consumers would make if forced to restrict their budgets, by financial situation, 2024
    • Financially struggling households compromise the most when it comes to their budgets
    • Graph 17: changes consumers have made to their budgets in the past six months, by financial situation, 2024
    • Younger consumers would lean more on credit products if they needed to
    • Graph 18: changes consumers would make if forced to restrict their budgets, by generation, 2024
    • Educating younger consumers about popular credit outlets such as BNPL could mitigate the risk of financial overextension
  3. State of the Economy

    • Market context
    • US economic overview
    • The US expanded by over 3% in the fourth quarter
    • Graph 19: quarterly real GDP growth, 2020-23
    • Annual inflation unexpectedly rose in December, but still sits at its lowest levels in over two years
    • Graph 20: headline CPI, core CPI, and shelter CPI, 2021-23
    • Unemployment continues to sit near historic lows
    • Graph 21: unemployment rate, 2019-23
    • Consumer confidence is at its highest point in over two years
    • Graph 22: consumer sentiment index, 2021-24
  4. Appendix

    • Consumer research methodology
    • Generations
    • Abbreviations and terms

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