May Consumer Sentiment Study Finds Consumers Still Worried About Economy
Company Added
Company Removed
Apply to Request List

May Consumer Sentiment Study Finds Consumers Still Worried About Economy

May Consumer Sentiment Study Finds Consumers Still Worried About Economy

More than half of all consumers remained wary of the economy in May, according to new data from market research firm Numerator. The company tracks consumer purchase data and surveys buyers to gain insight into shifts in consumer behavior and reports findings monthly in its Consumer Sentiment Study.

Here are some highlights from the latest survey:

-59% of consumers have a high level of concern regarding the economy, slightly down from April.

-More than two-thirds (67%) of consumers feel as though the country is in an economic recession, and 68% believe it will worsen in the next few months.

-78% of consumers think inflation will increase in the next few months.

-Over the next few months, 38% of consumers say their primary concern will most likely be personal finances.

-76% of consumers say rising prices on essential goods and services is their main economic concern, followed by rising prices on gas/fuel (65%).

-30% of consumers are concerned about housing market stability and affordability.

-Consumers' spending discomfort for splurging on premium or 'luxury' items and taking money out of personal savings or retirement accounts increased in May, to 75% and 73%, respectively.

-Consumers are making spending cuts in response to rising prices. 42% anticipate cutting back on dining out, 38% plan to cut back on electronics, and 38% anticipate cutting back on travel in the next few months.

Published: June 6th, 2023

Share this Feature

Hot Dish Advertising
SPONSORED CONTENT
Hot Dish Advertising
SPONSORED CONTENT
Hot Dish Advertising
SPONSORED CONTENT

Recommended Reading:

Hungry Howie's Pizza
ADVERTISE SPONSORED CONTENT

FRANCHISE TOPICS

Pepper Lunch
ADVERTISE SPONSORED CONTENT
Conferences
Caesar's Forum, Las Vegas
MAR 25-28TH, 2025

The #1 Seafood Fast Casual Franchise is seeking Multi-Unit Franchisees to open in markets across the US.
Cash Required:
$350,000
Request Info
Demand for The Bar Method continues to grow as more people discover the benefits of a barre-based workout and feel the empowerment after each...
Cash Required:
$150,000
Request Info

Share This Page

Subscribe to our Newsletters