More than half of American consumers will cut spending! Retailers may have a harder time in 2023!

According to a survey by market research company Numerator, American consumers will pay more attention to physical health (73%) in 2023, including fitness, weight loss and healthy eating. In addition, consumers are also very concerned about personal financial issues (53%).

The survey showed that 57% of consumers will save money, 48% will track their expenses more carefully, 43% will reduce their overall spending, 42% will reduce spending on non-essential items, and 40% will pay off loans.

Nearly 60% of consumers believe that inflation and rising prices will have an impact on their finances, while 48% are wary of a possible recession. These sentiments are reflected across generations but are slightly higher among baby boomers.

Millennials are more worried about their finances than any other demographic, with 62% of millennials concerned about their finances in 2023, the highest percentage of any generation.

Previously, Numerator also noted that consumers are increasing money-saving measures to cope with rising prices, including spending less on non-essential items (51%), looking for coupons, promotions or sales (51%), and stocking up on essential items when they are discounted (50%).

Numerator also highlights that the US retail landscape has changed dramatically since the end of the Great Recession a decade ago, with online CPG sales growing more than 350% over the past five years. 84% of US households now turn to online shopping for groceries, health and beauty, home, pet and baby products (up from 62% in 2017).

Editor ✎ Nicole/

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