Consumers and the Economic Outlook: Quarterly Update - US - April 2017

Consumers and the Economic Outlook: Quarterly Update - US - April 2017

May 2017 Mintel Wealth ManagementN/A Price :
$ 2605

With a new administration, a growing economy, and a relatively healthy jobs market, this Report addresses how consumers are feeling about their current financial situation. Through a series of questions that will be asked throughout 2017, Mintel has aggregated consumer opinion on their current finances, how they hope to improve their economic situation, and what they have purchased or plan to purchase in the next three months.

Table of Content

EXECUTIVE SUMMARY

STATE OF THE ECONOMY
US economy shows moderate, steady growth
Un- and underemployment continues downward trajectory
Figure 1: US unemployment and underemployment, January 2010-January 2017
New administration inspires consumer confidence
Figure 2: Consumer Sentiment Index, January 2010-January 2017
DPI dips slightly in 2017
Figure 3: Disposable personal income change from previous period, January 2007-Jan 2017
CPI up over 2% from 2016
Figure 4: Consumer Price Index change from previous period, January 2010-January 2017

CURRENT FINANCIAL SITUATION
Most consumers view their finances positively
Figure 5: Opinion on current financial situation, February 2017
Average US salary nearly $70,000 per year, increases with age
Figure 6: Income before taxes and average annual expenditure, by age, 2015
Older consumers, especially men, are the most comfortable with their finances
Figure 7: Opinion on current financial situation, by gender and age, February 2017
Whites, Asians feel the most secure with their finances
Figure 8: Opinion on current financial situation, by race/ethnicity, February 2017

CHANGES IN FINANCIAL WELLBEING
Consumers don’t see large financial changes looming
Figure 9: Change in financial situation over next 12 months, February 2017
Younger consumers most likely to think they’ll be better off next year
Figure 10: Improvement in financial situation, by age, February 2017

IMPROVING FINANCES
Saving money is most popular method for economic improvement
Figure 11: Economic situation improvements, February 2017
Consumer age, lifestage affect view on importance of costs and education
Figure 12: Willingness to lower cost of living, by age, February 2017
Affluent consumers to rely more on investing to improve finances
Figure 13: Employment or investment economic improvement, by household income, February 2017

SPENDING PLANS
Consumers continue to add to their savings, while planning on domestic travel
Figure 14: Savings plans, February 2017
Figure 15: Spending plans, February 2017
Few big-ticket purchases on the immediate horizon
Figure 16: Lack of intent to purchase big-ticket/expensive items, by household income, February 2017
Young consumers hope to travel internationally
Figure 17: Previous and intent to travel internationally, by age and gender, February 2017

APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Abbreviations and terms
Abbreviations

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