Consumer Insights: The Road Forward
March 2023: Financial Health
Self reported mental health status remains the same since last fall, with over one-half saying their mental health is “excellent” or “very good.” The rest of the population say their mental health is “good” or “fair” with few stating it is “poor.” The two top stressors/worries are inter-related: the rising cost of food and inflation. Something personal is also a main stressor.
Despite Inflation’s impact, optimism exists as personal finances are more stable now than in Jan ‘22. Also, their future financial outlook continues to trend in a positive manner. Fiscal responsibility and cautious spending trends continue in this wave – significantly more so for top attributes - saving money, avoiding paying interest and keeping up on monthly bills. Cutbacks due to inflation continue, but overall mirror the same pattern as early 2022. Eating out and a reduction food/grocery purchasing remain the top cutbacks. Consumers also continue to monitor their discretionary expenses, as cutbacks are still prevalent for spending on clothing, entertainment, and travel.
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Decision Analyst (www.decisionanalyst.com) is a global marketing research and analytical consulting firm specializing in strategy research, new product development, advertising testing, and advanced modeling for marketing decision optimization. For over 45 years, the firm has delivered competitive advantage to clients throughout the world in consumer-packaged goods, telecommunications, retail, technology, medical, and automotive industries.
Emotional Health Through the Pandemic
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“Consumer Insight: The Road Forward, is the most recent of a series of surveys tracking post-pandemic economic conditions with information derived from about 7,000 consumers since early 2022. All surveys are balanced by geography, gender and age.
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