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State of the US Consumer: March 2023

by Anthony Waelter, Stephen Rogers
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    4 minute read 27 March 2023

    State of the US Consumer: March 2023 Improved financial sentiment struggles to boost spending confidence

    4 minute read 27 March 2023
    • 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

    Americans feel slightly more optimistic about their personal finances and the direction of the economy, but consumers are signaling stronger intentions to replenish their savings rather than spend more

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

    • The percentage of Americans surveyed concerned about their level of savings (44%) and those delaying large purchases (43%) has decreased significantly since the summer of 2022, when inflation had touched record highs (figure 1). 
    • As inflation continues to ease, slightly fewer consumers surveyed have reported feeling anxious about the direction of the economy (figure 2). 
    • However, Americans surveyed remain cautious as concerns around rising prices remain elevated (figure 3). 
    • Spending intentions for the month ahead remain relatively weak compared to 2021. Savings intentions have rebounded recently, suggesting consumers are prioritizing replenishing savings over spending more (figure 4).




    *Notes for 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.

    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 , Consumer Industry

    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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