CHICAGO, Sept. 29, 2022 (GLOBE NEWSWIRE) — Numerator, a market research data and technology company, has released its Monthly Consumer Sentiment Study, which examines economic concerns and the impact on consumer behavior. After hitting highs in the summer, general economic concerns appear to be cooling, led by easing worries about gas prices. However, personal finances remain the top concern for US consumers as they plan to cut spending on food, meal deliveries and travel.
Findings on consumer economic concerns:
- Personal finances remain the number one concern for US consumers. Almost two in five (39%) say personal finance will be their top concern in the coming months, up from 36% who said the same in August. These scores are more than double that of the second most frequently cited concern (“world events” at 17% of consumers) and more than 6 times that of concerns related to COVID-19 (6%).
- The proportion of consumers who are very worried about the economy has fallen. Almost 60% of consumers have a high level of concern about the economy, down 13 percentage points from the recent peak in June 2022 – partly due to lower concerns about gas prices.
- Despite the drop in “very concerned”, almost all consumers (98%) still report at least moderate economic concern. Almost a quarter (71%) of consumers feel the country is currently in an economic recession, 77% believe inflation will continue to rise and 70% expect the economy to deteriorate in the coming months .
- Despite the drop in gas prices, above-average prices continue to take their toll on consumers. Almost seven in ten (69%) say gas prices affect their ability to afford other things.
- All income groups are concerned about rising prices. More than a quarter (76%) of consumers are concerned about rising prices for essential goods and services, while 68% are concerned about rising gas prices and 62% about rising prices for non-essential goods and services (e.g. restaurants).
- Low-income consumers are concerned about program cuts. 38% say they are concerned about cuts in government benefits (ie Social Security, disability benefits, SN`) – the top concern of any income group. Concern about job security is also highest among low-income shoppers (19%).
- Middle-income consumers are the group most concerned about housing. 31% are concerned about the housing market – both stability and affordability.
- High-income consumers are concerned about future savings. Over half (51%) are concerned about the impact the economy will have on retirement or pension plans, while 43% are concerned about the stability of stock markets.
- Consumers are still dissatisfied with discretionary spending. Almost three in four consumers (74%) say they are currently cautious when it comes to premium or luxury items. Withdrawing personal savings or retirement accounts is also uncomfortable for almost a quarter of consumers (73%), as are spending on non-essentials (61%), investing in the stock market (58%), travel (57%) and food walk or order delivery service (46%).
- In response to rising prices, consumers know where to cut. Dining out (46% of consumers), travel (44%), electronics (42%), apparel (41%) and toys & games (32%) are the top areas where consumers plan to spend in the coming months to reduce. However, almost a quarter (23%) expect no cut at all, which has remained unchanged since last month, another sign that economic worries are easing.
Consumer spending: Planned cuts due to inflation
Percentage of consumers reporting planned cuts
| Restaurants, bars, food delivery | 46% |
| Travel | 44% |
| electronics | 42% |
| dress | 41% |
| Toys, Games & Crafts | 32% |
| Snacks & Sweets | 30% |
| alcohol | 29% |
| home or garden supplies | 26% |
| Health & Beauty | 23% |
| gas or other fuel | 18% |
| No expected cuts | 23% |
Source: meter survey
Numerator’s Consumer Sentiment Survey is conducted monthly among more than 1,000 consumers from Numerator’s shopping panel. The September 2022 survey was conducted from 09/08/2022 to 09/10/2022 among 1,034 consumers and includes consumer sentiment regarding pandemic concerns. Income brackets are defined as high income (>$80,000 annually), middle income ($40,000-$80,000), low income (<$40,000).
About counters:
Numerator is a data and technology company bringing speed and scale to market research. Numerator combines first-party data from over 1 million US homes with advanced technology to bring 360-degree consumer insight to the slow-moving market research industry. Headquartered in Chicago, IL, Numerator employs 2,000 people worldwide. 80 of the top 100 CPG brands are Numerator customers.
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