US consumers send mixed signals in an uncertain economy
With inflationary pressures and a tight labor market, a new McKinsey survey shows that shoppers sometimes feeling and acting in contradictory ways
According to the company's latest US Consumer Pulse Survey, consumers are worried about rising prices and job security, yet they’re optimistic and still spending. They’re switching to less expensive brands to save money, but they’re also willing to splurge on certain goods and services.
Key takeaways
- It’s now clear that while consumers increased their spending by double digits from mid-2021 through mid-2022, spending growth has begun to decelerate since late 2022;
- And while many consumers can spend given their strong balance sheets, they are more selective about what they do spend on;
- That means companies should not overgeneralize when it comes to examining consumer behavior.
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