State of the US consumer: March 2025
Consumers signal intentions to tighten household budgets as inflation expectations reignite
Article
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3-min read
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28 March 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
- Deloitte’s financial well-being index declined further in February, hitting 99.9 from 105.5 in December (figure 1).
- More respondents are expecting rising prices in major categories such as gas and food (figure 2).
- Discretionary spending intentions continue to slip further below 2021 levels while nondiscretionary categories remain elevated (figure 3).
- Increasing nondiscretionary spending intentions continue to be driven by housing and utilities (figure 4).
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
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BY
Stephen Rogers
United States
