As we approach the end of summer 2023, consumers are experiencing a noticeable shift in their financial outlook. While some may feel a sense of anxiety about their finances, others are feeling more secure than they have in recent months. According to the Resonate Recent Events Report, American consumers are becoming more comfortable with spending, and nearly 30% have reported feeling less financially stressed than they did four months ago. This newfound sense of stability has led many consumers to consider indulging in big-ticket purchases, such as cars or long-awaited vacations.
(Source: Resonate Recent Events Report, Summer 2023)
This shift in consumer attitudes about finances is affecting their purchasing behavior now. A larger share of consumers is reporting spending more than they did six months ago. Americans are treating themselves by going out more, too, making larger purchases and more. In fact, 30% fewer consumers are reporting that they are avoiding luxury purchases this summer.
However, the outlook for the future isn’t as positive. Although summer typically sees an increase in spending, consumers are not feeling as confident about their financial future. This summer’s spending patterns indicate that consumers are enjoying the present, but some worry about what’s to come. Our report highlights this dichotomy, as less than 50% of consumers anticipate that they will be in the same financial position in 6 months, with the other half expecting to be worse off. Brands and agencies should consider how this outlook may affect spending behaviors going forward and incorporate that understanding into near-term marketing campaigns.
(Source: Resonate Recent Events Report, Summer 2023)
As we all know, consumers adapt to the times in which we are living. So, in a constantly fluctuating economy, it’s even more important for marketers to have a clear understanding of Americans’ sentiments about their financial situation. Aligning messaging and creative with how they actually feel about the economy is key to creating meaningful and effective campaigns that resonate with consumers.
To stay ahead of trends and capitalize on these shifts, you need insights that aren’t available from traditional data companies or 1st-party demographics. You need data that’s fast, comprehensive and always up to date. Resonate provides unparalleled, continuously updated data, accounting for more than 30 billion real-time consumer behavior observations across 230 million individual profiles to provide the most in-depth and up-to-date understanding of US consumers available today.
Harness the power of AI with Resonate to model and analyze any consumer audience in minutes, allowing you to collect better insights from better data for better results.
Read the full consumer sentiment and recent events report here.
