State of the US consumer: September 2022

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).

Figure 1 |

Figure 2 |

Figure 3 |

Figure 4 |

Figure 5 |

Figure 6 |

Figure 7

Figure 8

Figure 9

Figure 10

Sources: Deloitte’s State of the Consumer Tracker; Haver Analytics; United States Department of Transportation; Deloitte economic analysis.

*Figure 2: Methodology note: Before September 2022, study respondents state perceptions of prices compared to the prior month.
*Figure 4: Less discretionary categories include housing, groceries, transportation, health care, clothing, household goods, personal care, childcare, education, and internet/data. More discretionary categories include recreation and entertainment, leisure travel, restaurants/takeout, electronics, and home furnishings.

Deloitte Insights | www2.deloitte.com/insights

Place holder for notes:

Figure 1 |

Figure 2 |

Figure 3 |

Figure 4 |

Figure 5 |

Figure 6 |

Figure 7

Figure 8

Figure 9

Figure 10

Sources: US Department of Commerce, US Bureau of Labor Statistics, Wall Street Journal (all sourced through Haver Analytics); Deloitte economic analysis.

Deloitte Insights | www2.deloitte.com/insights

Place holder for notes:

Learn more

Learn how to combat COVID-19 with resilience

Explore the Deloitte State of the Consumer Tracker

Explore the Consumer Tracker collection

Acknowledgments

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.

Learn more

Get in touch

Dr. Daniel Bachman
Senior manager
Deloitte Services LP
dbachman@deloitte.com
+1 202 220 2053

DELOITTE INSIGHTS

Welcome!

Latest Insights

Recommendations

About Deloitte Insights

Topics for you

State of the US consumer: September 2022

State of the US consumer: September 2022 Elevated financial concerns show signs of easing