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State of the US Consumer: December 2022

by Anthony Waelter, Stephen Rogers
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    4 minute read 21 December 2022

    State of the US Consumer: December 2022 Closing 2022 with a sliver of optimism

    4 minute read 21 December 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

    Spending intentions bounce higher as Americans respond to easing inflation. Savings levels, meanwhile, remain a concern

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

    ·   While still lower in year-over-year terms, total consumer spending intentions—that is, the amount consumers expect to spend in the month ahead—rebounded slightly over the past month, slowing a downward trend (figure 1).

    ·   Inflation concerns, while still elevated, eased slightly in recent months (figure 2). The percentage of Americans concerned about rising prices for everyday purchases fell to 75% in November, down from a high of 84% in May.

    ·   Most Americans, however, expect prices to continue rising across major purchase categories (figure 3).

    ·   The percentage of Americans concerned about their level of savings and delaying large purchases has shown a clear downtrend since June, when inflation peaked at 9.1% (figure 4). However, nearly half (47%) of Americans remain concerned about their level of savings—coinciding with the lowest personal savings rate (2.3%) of the last 17 years (figure 8). 





    Notes for Figure 1*: 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.
    Methodology note for figure 3*: Prior to September 2022, study respondents stated their perceptions of current month prices compared to the prior month.

    Sources: Deloitte’s State of the Consumer Tracker; Haver Analytics; United States Department of Transportation; Deloitte economic analysis.
    Deloitte Insights | www2.deloitte.com/insights






    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

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    Acknowledgments

    Cover image by: Sofia Sergi

    Topics in this article

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

    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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