State of the US consumer: December 2024
Deloitte’s financial well-being index reaches a four-year high as discretionary spending intentions continue to recover
Article
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3-min read
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02 December 2024
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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 reached a four-year high of 104.3 in October, up from 5.3 points in September, and 14.2 points year on year (figure 1).
- In October 2024, 77% of higher-income respondents reported improving finances, a 14-point increase from 2022. Only 54% of lower-income respondents reported the same, unchanged from two years ago (figure 2).
- Discretionary spending intentions have increased for a fifth consecutive month but remain weaker compared with 2021 levels (figure 3).
- Spending intentions remain mixed across categories: Housing, leisure travel, and groceries have seen the strongest increases compared with 2021, while clothing and home furnishings sit furthest below the baseline (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 the 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: US Department of Commerce; US Bureau of Labor Statistics; The Wall Street Journal (all sourced through
Haver Analytics); Deloitte analysis.
Deloitte Insights | www2.deloitte.com/insights
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BY
Anthony Waelter
United States
Stephen Rogers
United States