State of the US consumer: November 2023
October sentiment data suggests eroding spending confidence and a consumer on shakier financial footing.
Article
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2-min read
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30 November 2023
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Deloitte Center for Consumer Industry | Deloitte Center for Global Economic Research
Key insights about US consumers from Deloitte’s ConsumerSignals
- Deloitte’s consumer financial well-being index dropped to 90.1 in October, continuing its clear downtrend since April (figure 1).
- The percentage of U.S. respondents feeling anxious about their personal finances reached 45%, up 13 percentage points since July 2023 (figure 2).
- Total monthly spending intentions (or the amount consumers expect to spend in the month ahead) reached a new two-year low (figure 3).
- Relatively stronger spending intentions for some services such as leisure travel and restaurants suggest consumers are prioritizing services over goods (figure 4).
Notes: In figure 1, Deloitte’s financial well-being index 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 last year; and (6) expectations regarding personal financial situation for the year ahead. Higher index values represent stronger financial well-being. Spending intentions represent respondents’ estimated spending for the next four weeks. In figure 3, discretionary categories include leisure travel, restaurants, recreation and entertainment, electronics, clothing, personal care, household goods, education, child care, and home furnishing. Nondiscretionary categories include housing and utilities, transportation, groceries, and health care. Spending intention–related index values are represented by a three-month exponential moving average.
Sources: Deloitte ConsumerSignals; US Bureau of Labor Statistics.
Sources: Deloitte ConsumerSignals; US Bureau of Labor Statistics.
Deloitte Insights | www2.deloitte.com/insights
Sources: Deloitte ConsumerSignals; Haver Analytics; United States Department of Transportation; Deloitte analysis.
Deloitte Insights | www2.deloitte.com/insights
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By
Anthony Waelter
United States
Stephen Rogers
United States
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