After years of rising anxiety, Americans are
ready for a pause
RESTON,
Va., June 18, 2024 /PRNewswire/
-- Resonate, a pioneer in AI-driven consumer data and
intelligence, today released the results of its summer 2024 reports
on consumer and voter trends that show a shift in sentiment as
fatigued Americans are ready to trade in years of mounting worry
for a summer respite.
For the first time in several years, Resonate recorded an 18%
increase in the number of people reporting they have no worries for
the next six months, one of several key findings in its latest
Consumer Trends Report, drawn from surveys and AI-powered insights
across the US adult population. However, the data also shows a
population that is still much more price conscious and a lot less
loyal to their favorite brands. Notably, marketers should be
mindful of the growing number of people (38.8%) that continue to
blame corporations for inflation.
While people seem to be adjusting to increased prices with
spending and saving habits remaining mostly the same, they are at
the same time finding ways to pull back, like seeking cheaper
alternatives and switching stores or brands to save money. Other
takeaways include:
- The vast majority of people (97.5%) report taking action as a
result of experiencing higher prices.
- Americans are more conservative in their spending with 24.6% of
people reporting that they've cut back on or cut out all
non-essential purchases.
- People are decreasing putting off buying cars and homes, but
improvement projects and major household purchases are still on
pause for 34.5% of respondents.
- Brand loyalty is down, and more people are looking for a deal
above all.
- Over the last year, luxury spending has decreased 38% and
consumers are going out 7% less.
- At the same time, 25% of people reported an increase of going
into debt or dipping into savings to cover expenses.
- In the last 3 months, there's been a 4% increase in consumers
cutting some but not all essential expenses with 26% reporting they
are cutting out all non-essential expenses.
- Additionally, despite the summer travel season, Americans are
spending less is on travel with 46.9% indicating a reduction over
last year and 38.8% plan to maintain budgets from last year.
- Back-to-school is also expected to take slight hit with 14.2%
of respondents indicating they will cut back this year and look to
use coupons and shop sales; clothing being the most important to
spend money on for 70% of people.
"Our data confirms what many brands suspected, brand loyalty is
down, and cost is king," said Bryan
Gernert, CEO of Resonate. "While we are seeing people adjust
to rising prices and price volatility, they are increasingly
looking to alternate brands and stores to help offset those
increases. As purchases trend down, this kind of real-time data can
help marketers understand what kind of incentives matter most to
their various customer segments and what they're most and least
likely to buy right now so they can maximize the efficacy of sales
and marketing campaigns."
To download the full report, visit:
https://insights.resonate.com/consumer-sentiment-during-the-coronavirus-pandemic
To view a presentation of the findings and outlook in the Summer
2024 Resonate Consumer Trends Report, visit:
https://resonate.zoom.us/webinar/register/2317187162056/WN_44WGjNKrQbS7bGwQ237T5A#/registration
About Resonate
Headquartered in Reston, VA,
Resonate is the leader in AI-powered data and intelligence,
delivering proprietary, privacy-safe consumer and voter data for
insights, analysis and activation. The Resonate data set includes
more than 15,000 rich, relevant, real-time data points that
holistically describe more than 230 million U.S. individuals.
Resonate data is delivered directly through top demand side
platform (DSP) providers, data append and licensing, the Resonate
Ignite platform or through Resonate Managed Media Services.
Hundreds of companies and campaigns use Resonate to drive more
effective marketing strategy and execution fueled by a more
comprehensive understanding of their audience that extends beyond
traditional demographics, psychographics and behavioral data to
uncover why people choose, buy, or support certain brands,
products, candidates or causes.
For more information, please visit www.resonate.com.
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SOURCE Resonate