Consumer Behavior

Consumer economy concerns rise from July

Image provided by Adobe Stock.

August 30, 2023

More than half, 65%, of consumers have a high level of concern when it comes to the economy — a jump from July, according to data revealed in Numerator's August Consumer Sentiment Study. The study is conducted monthly.

Additional findings include:

• 59% of consumers have a high level of concern regarding the economy, up from July.
• 65% of consumers feel as though the country is in an economic recession, and the same amount think the US economy will worsen in the next few months. 76% think inflation will increase in the next few months.
• 77% of consumers say rising prices on essential goods and services is their main economic concern (+5 points from July), followed by rising prices on gas/fuel (70%, +9 points).
• Consumers are still uncomfortable with discretionary spending in July — 73% are uncomfortable splurging on premium items, 72% are uncomfortable taking money out of savings or retirement accounts and 55% are uncomfortable spending money on non-essential items.
• In response to inflation and rising prices, consumers plan to cut spending on dining out (43%) and travel (38%). 28% do not expect to cut back on spending.