Home Numerator: Consumers Worried About Economy, Discretionary Spending
January 30, 2023

Numerator: Consumers Worried About Economy, Discretionary Spending

Posted In: Retail Articles
Mastercard Preps For Solid Back-To-School Gains

Consumers remain wary about prospects for the economy, planning to cut back on eating out and travel, according to market researcher Numerator, but they are less concerned about the COVID-19 pandemic than they have been.

As part of its monthly Consumer Sentiment Study, Numerator recently polled consumers and discovered:

  • 64% of respondents had a high level of concern regarding the economy, slightly up from last month.
  • 70% of consumers felt as if the country is in an economic recession.
  • 78% believed inflation will increase in the next few months.
  • 77% of consumers said rising prices on essential goods and services are their main economic concern followed by rising prices on gas/fuel, at 67%.
  • 74% of consumers indicated that they’re currently uncomfortable splurging on premium items and the same number are nervous about taking money out of personal savings/retirement accounts to spend.
  • 58% of consumers were uncomfortable investing in the stock market, 59% were leery of spending on non-essential travel and 60% were concerned about spending on non-essential items in general.
  • 46% of respondents anticipated cutting back on eating out and 41% on travel in the coming months as they try to offset rising prices.

Just 6% of consumers cited the pandemic as their primary concern as they look ahead over the next few months, and 76% stated that we will learn to live with COVID rather than returning to what might have been considered normal.

Share Now!

Related Posts: