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State of the US consumer: July 2022

by Anthony Waelter, Stephen Rogers
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    4 minute read 26 July 2022

    State of the US consumer: July 2022 Tapping savings, tightening spending

    4 minute read 26 July 2022
    • Anthony Waelter United States
    • Stephen Rogers United States
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    • Key insights about US consumers from Deloitte’s State of the Consumer Tracker

    As the cost of living rises, Americans are likely to dip into their savings to weather the storm

    Key insights about US consumers from Deloitte’s State of the Consumer Tracker

    • Inflation rose to 9% in June from 8.6% in May, demonstrating that inflation has likely yet to peak. This unabated surge in inflation is likely deteriorating consumers’ purchasing power, with real weekly earnings down 5.6% since end-2020 despite a 6.6% rise in nominal earnings. Consequently, these events have dented consumer spending intentions. The share of Americans delaying large purchases is rising (figure 1). Planned discretionary spending, too, is on a decline (figure 2).
    • The rising cost of living has also emerged as a factor in concerns about savings, with the share of Americans worried about their current savings nearly doubling since March 2021 to 61% (figure 3). And although the overall percentage of those concerned about upcoming payments has remained relatively stable, the figure is gradually rising for lower-income consumers (figure 4). That is hardly surprising, given inflation tends to hit low-income individuals harder than others.
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  • Sources: Deloitte State of the Consumer Tracker; Haver Analytics; United States Department of Transportation; Deloitte economic analysis.
    Deloitte Insights | www2.deloitte.com/insights

    Place holder for notes:

  • Figure 1 |
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  • Sources: United States Department of Commerce, United States Bureau of Labor Statistics, Wall Street Journal (all sourced through Haver Analytics); Deloitte Services LP analysis.
    Deloitte Insights | www2.deloitte.com/insights

    Place holder for notes:

    Learn more

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    Acknowledgments

    Cover image by: Alex Nabaum

    Topics in this article

    Economics , Americas Economics , United States (U.S.) , Americas , Consumer Spending , US Economic Forecast

    The Deloitte Global Economist Network

    The Deloitte Global Economist Network is a diverse group of economists that produce relevant, interesting, and thought-provoking content for external and internal audiences. The network's industry and economics expertise allow it to bring sophisticated analysis to complex, industry-based questions. Publications range from in-depth reports and thought leadership examining critical issues to executive briefs aimed at keeping Deloitte's top management and partners abreast of topical issues.

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    Anthony Waelter

    Anthony Waelter

    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.

    • awaelter@deloitte.com
    • +1 312 486 5519
    Stephen Rogers

    Stephen Rogers

    Managing Director

    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.

    • stephenrogers@deloitte.com
    • +1 475 277 9018

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