Numerator Study Finds Financial Fears Among Consumers Rising

Numerator Study Finds Financial Fears Among Consumers Rising

Numerator Study Finds Financial Fears Among Consumers Rising

The percentage of consumers worried about their finances is on the rise again following a two month cooldown, according to new research from Numerator. Not surprisingly, consumers are also worried about the economy and a recession. The good news? Consumer concerns about Covid are down. 

Numerator tracks purchase data and surveys buyers to monitor shifts in consumer behavior. The company’s monthly Consumer Sentiment Study keeps a pulse on how consumers are feeling about the economy, the pandemic, and other emerging market influences.

Here’s more from the company’s latest survey:

-After a cooldown the past two months, financial concern rose once again in October, with 40% of consumers citing personal finances as their top concern for the coming months.

-65% of consumers have a high level of concern regarding the economy, up five points from last month.

-74% of consumers feel as though the country is in an economic recession, and 71% believe it will worsen in the next few months.

-For all shoppers, rising prices on essential goods and services and rising prices on gas/fuel are the main economic concerns (72% of consumers, each).

-Consumers say they’re currently uncomfortable splurging on premium items (75% of consumers) or taking money out of personal savings/retirement accounts to spend (72%).

-Spending cuts are common across income levels; shoppers anticipate cutting back on eating out (44%) and travel (41%) in the coming months to offset rising prices.

-However, while consumers are increasingly concerned about the economy, pandemic concerns have dropped significantly. Only 4% of consumers cite the pandemic as their primary concern in the next few months. For the first time since the beginning of the pandemic, the portion of consumers with a “high level” of concern over Covid-19 (25%) fell below those with a “low level” of concern” (26%).

Published: November 9th, 2022

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