Whether it’s at gas pumps or in grocery stores, people across the United States have been feeling a pinch in their pocketbooks this summer. Inflation is the highest it’s been in decades, and consumers are worried and jittery, adjusting how they spend and save. But not all consumers are the same. Although consumer confidence overall has plummeted to a new low, savings are high, and there’s nuance to how people are responding—depending on age group, income level, and what they’re buying.
Our latest research draws from a survey conducted in July 2022 and reveals the complexity of US sentiment and behavior during these uncertain times, as the pandemic becomes endemic and inflation is top of mind.
Although our findings do not capture consumer responses to the US government’s strong jobs report in late July, or to the softening of inflation announced in early August, it is nonetheless clear that, amid the dark economic mood of this summer, there are glimmers of hope.
The implications for companies are clear: focus on resiliency and cost but also make intentional bets for longer-term growth. Companies should also seek to understand the nuanced sentiments and behaviors among different groups of consumers and the categories in which their businesses operate.
The eight charts below represent findings from our latest Consumer Pulse Survey, which was in the field from July 6 to July 10, 2022, and included perspectives from more than 4,000 adults in the United States (sampled and weighted to match the general US population). We combined the results with third-party data to help understand not just what consumers tell us but also how they behave. These insights build on the work we have undertaken since March 2020, when we began to regularly conduct consumer surveys and combine our research and analysis with third-party data on US spending to glean insights into how consumer sentiment has shifted since the COVID-19 pandemic began.
