United States (US) Retail Consumer Insights – Spending Intentions and Shopping Habits, 2024

US Retail Consumer Insights Report Overview

More than 46% of consumers believe the economy will worsen over the next six months. Thus, consumers intend to cut back on retail goods and services. Furthermore, many US consumers stated that they are switching to economic brand alternatives to cope with cost pressures. This means that retailers must have a broad pricing architecture of brands stocked in-store to entice shoppers to trade up and down within the same retailer.

The ‘US Retail Consumer Insights Report’ provides detailed insights into consumer sentiment data and analysis of consumers’ financial concerns in the USA. The report includes an analysis of the impact of inflation on US consumers’ shopping behavior in the next three to six months. Furthermore, an analysis of channel spending, frequency of visits to physical store locations, and sentiment regarding online purchases is also provided. Additionally, the report offers insights into US consumers’ sentiment toward preowned goods and the relationship between income and purchasing habits.

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US Retail Consumer Insights - Consumer Sentiment

Female consumers are more pessimistic about the US economy compared to their male counterparts. Within generations, both Gen Z and the Silent Generation are pessimistic about the economic outlook. This will have a wide-reaching effect on retailers, with those targeting younger and older shoppers alike facing challenges to entice shoppers to spend.

However, many US consumers also expect their finances to improve over the next six months. Thus, retailers outside of essential sectors such as food & grocery as shoppers will be better able to afford to treat themselves.

Jewelry & watches, and womenswear, are expected to perform well in 2024. For major clothing & footwear retailers, there must be a focus on key trends including athleisure, sustainable materials, and business casualwear to maximize sales.

How do Consumers Expect the Economy to Change Over The Next 6 Months

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US Retail Consumer Insights – Cost Pressure

Consumers are utilizing online comparison tools and trading down to alleviate cost pressure on purchases. However, some consumers are taking a more considered approach to shopping for goods, and are following a stricter household budget.

16-24-year-olds show a higher propensity to switch between retailers to alleviate cost pressures than their older counterparts. This implies that retailers targeting these shoppers cannot guarantee loyalty. Retailers must offer incentives such as loyalty discounts to retain them.

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US Retail Consumer Insights - Channels

Offline Retail: Neighborhood shops are the most frequently visited by US shoppers. Channels such as discount/designer outlets are typically less accessible for shoppers, ensuring visits are more planned. Retailers located in these areas should highlight bespoke promotions available in these locations to entice shoppers to plan days out here and encourage consumers to spend.

Online Retail: The US has a mature online sector. Over half of consumers intend to continue to shop via online platforms over the next three months. However, many shoppers also stated that they either intend to start shopping online or expect to shop online more frequently. This boasts an opportunity for retailers to entice consumers to spend through their websites. More retailers are investing in chatbots as a first point of contact for online shoppers. While there are improvements such as the integration of enhanced software such as ChatGPT, retailers must do more to convince shoppers that these tools can be as helpful as real people.

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Scope

• This report offers a detailed analysis of consumer sentiment in the USA.
• It includes an analysis of the impact of inflation on US consumers’ shopping behavior in the next three to six months.
• The report also offers an analysis of channel spending frequency of visits to physical store locations and sentiment regarding online purchases.
• This report explores US consumers’ sentiment toward preowned goods and the relationship between income on purchasing habits.

Key Highlights

• Many US consumers believe the economy will worsen over the next six months.
• Over half of US, consumers intend to spend less on goods and services over the next six months.
• Around two-fifths of 16-24-year-old US consumers report an intention to switch to cheaper stores and outlets to alleviate cost pressures.

Reasons to Buy

• Understand how different demographics in the USA view the health of the economy over the next six months and their finances.​​
• Discover consumer views about shopping in physical stores, including their views on self-checkout, and how they see their shopping behavior is changing in the short term.
• Understand how important the online shopping experience is to US consumers and their preferred social media website by age group​​.
• Learn about US consumers’ perception of buying preowned items versus selling used items by age group.