State of the US consumer: February 2025
Financial well-being sentiment holds an optimistic uptrend—but uncertainty lingers around spending confidence.
Article
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3-min read
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28 February 2025
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Deloitte Center for Consumer Industry | Deloitte Center for Global Economic Research
Key insights about US consumers from Deloitte’s ConsumerSignals
- Despite a slight pullback in January, Deloitte’s financial well-being index stands near a four-year high (figure 1).
- Recent trade headlines don’t appear to be influencing what consumers expect from future prices (figure 2).
- Discretionary spending intentions remain well below 2021 levels, while respondents cite spending more on nondiscretionary categories (figure 3).
- Spending intentions for housing and utilities remain highest compared with 2021 (across 16 categories measured) (figure 4).
- Spending intentions in some discretionary categories such as restaurants have shown strengthening overall since the start of 2024, but they still remain below 2021 levels (figure 4).
- Retail sales fell by 0.5% in January, the first contraction in nine months (figure 7).
Notes: In figure 1, Deloitte’s financial well-being index is measured across six dimensions of financial health: (1) confidence in the ability to meet current financial obligations; (2)
comfort with level of savings; (3) income relative to spending; (4) delays in making large purchases; (5) assessment of current personal financial situation compared to last year; and
(6) expectations regarding personal financial situation for the year ahead. Higher index values represent stronger financial well-being. Spending intentions represent respondents’ estimated
spending for the next four weeks. In figure 3, discretionary categories include leisure travel, restaurants, recreation and entertainment, electronics, clothing, personal care, household
goods, education, child care, and home furnishing. Nondiscretionary categories include housing and utilities, transportation, groceries, and health care. Spending intention–related index
values are represented by a three-month exponential moving average.
Sources: Deloitte ConsumerSignals; US Bureau of Labor Statistics.
Sources: Deloitte ConsumerSignals; US Bureau of Labor Statistics.
Deloitte Insights | www2.deloitte.com/insights
Sources: Deloitte’s State of the Consumer tracker; Haver Analytics; United States Department of Transportation; Deloitte analysis.
Deloitte Insights | www2.deloitte.com/insights
Place holder for notes:
BY
Anthony Waelter
United States
Stephen Rogers
United States
