State of the US consumer: November 2023
October sentiment data suggests eroding spending confidence and a consumer on shakier financial footing.
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Deloitte Center for Consumer Industry | Deloitte Center for Global Economic Research
Key insights about US consumers from Deloitte’s ConsumerSignals
- Deloitte’s consumer financial well-being index dropped to 90.1 in October, continuing its clear downtrend since April (figure 1).
- The percentage of U.S. respondents feeling anxious about their personal finances reached 45%, up 13 percentage points since July 2023 (figure 2).
- Total monthly spending intentions (or the amount consumers expect to spend in the month ahead) reached a new two-year low (figure 3).
- Relatively stronger spending intentions for some services such as leisure travel and restaurants suggest consumers are prioritizing services over goods (figure 4).
*Deloitte’s financial well-being index in figure 1 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 prior year, and (6) expectations of personal financial situation for the year ahead. Higher index values represent strong financial well-being and vice versa. In figure 4, total spending intentions include housing (including utilities and maintenance), transportation, groceries, health care, clothing, household goods, personal care, education, internet and data, recreation and entertainment, leisure travel, restaurants, electronics, and home furnishings.
Sources: Deloitte’s ConsumerSignals; Haver Analytics; United States Department of Transportation; Deloitte Services LP economic analysis.
Sources: Deloitte’s ConsumerSignals; Haver Analytics; United States Department of Transportation; Deloitte Services LP 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 Services LP economic analysis.
Deloitte Insights | www2.deloitte.com/insights
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By
Anthony Waelter
United States
Stephen Rogers
United States