After signs of improving economic sentiment in the spring, consumer spending seems to be in a summer slump. Across age and income groups, American consumers continue to spend less than they did a year prior—except on travel. Real year-over-year spending has declined for the third month in a row, while for the first time in more than two years, nominal spending growth is now negative as well.
Will US consumer spending continue to decline next month? Will American consumers spend on something besides travel this summer? Watch this space for monthly updates on US consumer spending, plus quarterly updates on US consumer sentiment. Please contact us for more information.
This update was edited by Daniella Seiler, an executive editor in the Washington, DC, office.
More consumers are feeling optimistic about the economy—but they’re also spending more cautiously. Here’s the latest research from our ConsumerWise team.
As we head into the summer months, temperatures may be going up across the United States—but consumer spending is going in the opposite direction. In fact, across all age and income groups, consumer spending is lower than it was a year ago.
Will US consumer spending grow or decline next month? Watch this space for monthly updates on US consumer spending, plus quarterly updates on US consumer sentiment. Email ConsumerWise@McKinsey.com for more detailed data and insights.
This update was edited by Monica Toriello, an editorial director in the New York office.
Consumers’ views on the economy are diverging—and their behaviors are, too. Here’s the latest data from our ConsumerWise team.
Although slightly more US consumers are feeling optimistic about the country’s economic future, they aren’t financially confident enough to go on big spending sprees. In fact, most consumers across the United States are trading down and being thriftier than they’ve been over the past year—but they still plan to splurge selectively, as the following five charts show.
Will US consumers’ rising optimism translate into spending growth next month? Or will consumers choose to become more tightfisted in the near term? Watch this space for monthly updates on US consumer spending, plus quarterly updates on US consumer sentiment. Email ConsumerWise@McKinsey.com for more detailed data and insights.
This update was edited by Monica Toriello, an editorial director in the New York office.
Overall consumer spending growth is slowing, but consumers still intend to splurge on select categories. Here’s the latest data from our ConsumerWise research.
Consumers across the United States are uncertain about what their financial picture will look like in the next few months or years. In fact, their level of optimism is even lower than it was at the beginning of the pandemic. As a result, consumers aren’t opening their wallets too wide—but there are still some places they are choosing to splurge, as the following five charts show.
Will people across America tighten their purse strings—or will they draw on their still-relatively-high savings and continue to spend? Will their optimism rise or fall in 2023? Watch this space for monthly updates on US consumer spending, plus quarterly updates on US consumer sentiment. Email ConsumerWise@McKinsey.com for more detailed data and insights.
This update was edited by Monica Toriello, an editorial director in the New York office.
“Our firm is designed to operate as one—a single global partnership united by a strong set of values. We are equally committed to both sides of our mission: attracting and developing a talented and diverse group of colleagues and helping our clients create meaningful and lasting change.
From the C-suite to the front line, we partner with clients to help them innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for this generation and the next.”