Study Finds Consumers Remain Concerned About Economy

Study Finds Consumers Remain Concerned About Economy

Study Finds Consumers Remain Concerned About Economy

August finds consumers increasingly concerned about the economy and their own finances, according to the latest Consumer Sentiment Study from Numerator. The rising prices of essential goods and fuel topped the list of consumers’ economic concerns in August.

The monthly study monitors purchase data and surveys verified buyers to keep tabs on shifts in consumer behavior as well as how consumers are feeling about the economy.

Here’s are the highlights from the August survey:

-59% of consumers have a high level of concern regarding the economy, up from July.

-65% of consumers feel as though the country is in an economic recession, and the same amount think the US economy will worsen in the next few months. 76% 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.

-77% of consumers say rising prices on essential goods and services is their main economic concern (+5 points from July), followed by rising prices on gas/fuel (70%, +9 points from July).

-However, consumers are slightly less concerned about retirement savings (38%, -4 points from July) and government benefits scaling back (31%, -3 points from July) in August.

-Consumers are still uncomfortable with discretionary spending. 73% are uncomfortable splurging on premium items (+3 from July), 72% are uncomfortable taking money out of savings or retirement accounts, and 55% are uncomfortable spending money on non-essential items.

-In response to inflation and rising prices, consumers plan to cut spending on dining out (43%) and travel (38%). 28% do not expect to cut back on spending.

Published: August 30th, 2023

Share this Feature

Hungry Howie's Pizza
SPONSORED CONTENT
Hungry Howie's Pizza
SPONSORED CONTENT
Hungry Howie's Pizza
SPONSORED CONTENT

Recommended Reading:

Hungry Howie's Pizza
ADVERTISE SPONSORED CONTENT

STAY CONNECTED

Subscribe to our newsletters to stay informed on the hottest trends in Franchising.


FRANCHISE TOPICS

Tropical Smoothie Cafe
ADVERTISE SPONSORED CONTENT
Multi-Unit Franchising Conference
Conferences
Caesar's Forum, Las Vegas
MAR 24-27TH, 2026

Tropical Smoothie Cafe is a healthier, quick-casual restaurant brand with 1,500+ locations in 44 states. One of its key differentiators is what the...
Cash Required:
$175,000
Request Info
Cicis is an iconic, modernized restaurant that pushes the limits of the regular family dining experience. With unlimited opportunities for revenue,...
Cash Required:
$250,000
Request Info

Share This Page

Subscribe to our Newsletters