Financial sentiment has improved slightly among Americans in recent months. Easing of inflation concerns could be behind the trend
Key insights about US consumers from Deloitte’s State of the Consumer Tracker
Since May, the percentage of Americans concerned about their level of savings fell from a 2-year high of 62% to 49%. Over the same time period, the percentage concerned about their credit card debt decreased from 48% to 40% (figure 1).
The percentage of Americans delaying large purchases has also decreased since June—from 56% to 46% (figure 2).
Though inflation remains high (8.3% in August, figure 10), inflation concerns among Americans have been easing in recent months. After steadily climbing throughout most of 2022, the percentage of Americans concerned about rising prices for everyday purchases fell from 83% in June to 73% in August (figure 3).
Easing of inflation concerns is likely being driven by falling gas prices. Since June, the percentage of Americans citing higher gas prices (compared to the previous month) fell from 87% to 61%. Perceptions of rising grocery and clothing prices have also eased slightly (figure 4).
Consumer spending on durable goods went up 1.5% in July, the second straight month of strong growth (figure 5).
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Anthony is a partner with Deloitte & Touche LLP and serves as Vice Chair and Deloitte US Consumer Industry leader. Previously, he led our Advisory Consumer industry and Finance Transformation practices and was a member of Deloitte’s cross-business Finance Transformation leadership team. With nearly 30 years providing services to multinational clients in the consumer products, transportation, hospitality, retail and distribution sectors, he focuses on assisting clients with transformational initiatives involving the development and/or evaluation of finance operations and programs designed to improve financial integrity, compliance and operational effectiveness and efficiency. Anthony also serves as a lead business partner and advisory partner for a select group of strategic global consumer clients. He’s a thought leader and has co-authored several pieces on consumer trends and marketplace shifts, as well as, the evolving role of the corporate controller. Across Deloitte, he is known for teaming & inclusiveness, driving collaboration in industry transformation efforts, and leading Finance Transformation integrated market offerings.
Steve is the managing director of Deloitte's Consumer Industry Center, Deloitte Services LP. He leads a team that conducts research to uncover new ways of thinking, working, and leading within the consumer industry through data and evidence driven analysis. With nearly 20 years of experience within consulting and high tech, Steve is especially interested in the intersection of technology, consumers, and business. He is focused on how industry leaders can deliver better results and the strategies organizations use to adapt to accelerating change.