State of the US consumer: September 2023
Financial well-being sentiment finds much needed stability
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Deloitte Center for Consumer Industry | Deloitte Center for Global Economic Research
Key insights about US consumers from Deloitte’s State of the Consumer Tracker
- Deloitte’s financial wellbeing index improved slightly to 98.3 in August from 95.9 in July. The index has traveled in a relatively tight range throughout 2023, well above the lows seen during inflation’s peak months in 2022 (figure 1).
- Anxiety around the direction of the economy and personal finances has also remained steady over the past year. However, one in four US respondents cited feeling anxious about their employment situation in August, up eight points year over year (figure 2).
- Consumer spending intentions (the amount consumers estimate spending in the month ahead) have improved since April, but are yet to surpass the 2021 baseline (figure 3).
- Spending intentions within more discretionary categories continue to signal weakened spending confidence, but spending sentiment varies across categories. For example, summer spending intentions for leisure travel were generally even compared to last year, while categories like restaurants and consumer electronics remain on a longer-term downtrend (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 3, 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 State of the Consumer Tracker; Deloitte economic analysis.
In figure 3, 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 State of the Consumer Tracker; 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 Services LP economic analysis.
Deloitte Insights | www2.deloitte.com/insights
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Anthony Waelter
United States
Stephen Rogers
United States