TGM Research's latest survey provides insights into evolving consumer behaviors in the U.S. amidst 2024's economic uncertainties and global conflicts.

SINGAPORE, February 15, 2024 /EINPresswire.com/ -- TGM Research, a technology-driven market research company with expertise in global online data collection and innovative survey technology, announces the release of its latest findings on the evolving landscape of American consumer behaviour, as presented in the TGM Consumer Sentiment Survey in the US 2024. This extensive survey meticulously analyses the shifting dynamics, preferences, and expenditure patterns of a diverse sample of over 1,000 respondents aged 18-75 residing in the United States.

“As we analyse the findings of our latest survey, it becomes apparent that Americans in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.

Summarised below are key insights from TGM Consumer Sentiment Survey in the US 2024:

Health and Living Costs: Young Adults Share Concerns with Older Generations

The latest survey exploring the primary concerns of Americans reveals three key focal points: rising prices, health and well-being, and financial security. Older adults aged 65-75 are most troubled by increasing prices, with 32% expressing concern, while younger generations aged 18-24 show less worry at 13%.

For health and well-being, while it is anticipated that those above 55 prioritize this aspect, the survey reveals a surprising trend among young people. The age group of 18-24 has emerged as one of the top three concerned demographics, indicating a positive shift in the awareness and care for health among the younger generation.

Financial security is a shared worry across genders and ages, especially among late middle-aged Americans (45-64 years old), where the concern is over 20%.

Rising Prices Anxiety: 49% Alter Lifestyles, 47% Plan to Cut Back on Spending

Considering the growing unease surrounding rising prices, a staggering 69% of Americans express genuine concern about the increasing costs of everyday items, foreseeing a continued rise in the next 12 months. This heightened worry has prompted tangible actions, with 49% of respondents adapting their lifestyles in response to the escalating prices. Additionally, 47% of those surveyed indicate their intention to curtail future purchases of products and services as a strategic response to mitigate the impact of rising prices on their financial well-being.

Notably, the impact of rising prices is felt most significantly among the late middle age group, indicating that individuals aged 45-64 are grappling more intensely with the economic implications. Conversely, young adults around 18-24 years old, while not immune to the concern, appear to take it less seriously.

Shifts in Spending: 36% Anticipate Higher Energy/Utilities Costs, 35% Plan More on Transportation

A significant majority, comprising 57% of respondents, indicated that they plan to maintain their current budget for housing costs, encompassing rent and mortgage expenses.

While many plan to keep their budgets steady, shifts are expected in certain categories. Notably, 36% of respondents anticipate an increase spending on energy and utilities, with 10% of that group planning to allocate significantly higher funds to this category. Transportation and fuel expenses are also poised for an increase, with 25% of Americans intending to spend more, and 10% planning a significant uptick in this area. When it comes to necessities and groceries, 29% of respondents anticipate spending more and significantly more, while 22% of respondents express an intention to reduce their budget for this category.

Digital Shopping Ahead: 32% Open to Grocery Apps

Despite the heightened concern over rising prices, a significant 86% of Americans reveal their intention to abstain from taking out a loan in the next 3 months. Notably, this trend is consistent across various age groups and genders, with over 80% in each category expressing their reluctance to pursue a loan.
Examining alterations in shopping habits over the next 3 months, 43% of Americans plan to explore private-label brands as a cost-conscious strategy. Additionally, 33% express openness to experimenting with new digital shopping methods, such as ordering groceries via apps. Interestingly, this shifting trend in digital shopping behaviour is most significant among young people and least pronounced among the older age groups.

Thuyen Vu
TGM Research FZE
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