Consumer Trends
Comfortable Living
Consumers are navigating many things in the world today, from mental health issues to the impact of inflation. In 2023, we are continuing to track current consumer experiences on various topics. Our latest Consumer Trends Report focuses on "Comfortable Living." The latest report measures consumer emotions and wellbeing around the topics of home comfort, technology, and financial wellbeing. Below are some results from the latest study. If you would like a complimentary copy of the report, you can download it here, or you can reply to this email and we would be happy to email it to you..
Home Upgrades or Additions
Many consumers continue to have plans to conduct home upgrades or additions and are interested in a wide variety of improvement areas. Adding to or upgrading in kitchen/bath areas, including major appliances, tops the list for the most common enhancements.
Technology
Americans have cautiously optimistic opinions about our society’s reliance on technology and feel that it’s generally helpful in many ways. Even so, Americans are heavily reliant on the technology they own. Cell phone ownership is universal, and reliance is pervasive, with slightly more than 4 in 10 Americans saying they can’t go an hour without one and 16% indicating they can’t imagine life without their cell phone.
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Financial Cutbacks & Splurges
Cutbacks due to inflation continue and are mirroring the same pattern over time. The areas with the biggest spending declines still include eating out, food/grocery, and clothing/shoes/accessories. Just over 4 in 10 Americans are treating themselves with splurge purchases when they can. Interestingly, some of the top cutback areas are also the areas consumers admit to splurge-spending on, such as eating out and clothing/shoes/accessories purchases, illustrating how important these spending areas are to some consumers.
Download a complimentary copy of Consumer Insights: Comfortable Living.
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Chief Executive Officer, Decision Analyst
1 年Really interesting information. The economy is not dead! Jerry
Qualitative Consultant, Innovation & Insights Team
1 年Makes intuitive sense! Folks in the Southeast (where I live) are clinging to their homes as they fear selling their homes only to have to mortgage a new home at 8% interest. As a result, they're renovating and improving their homes; good contractors have months-long wait times, too.