U.S. consumers are carefully monitoring their spending amid ongoing global uncertainty. That’s according to “US consumer sentiment: Caution heading into 2024,” a research post last month from McKinsey & Company.
The economic outlook of U.S. consumers remained relatively stable throughout 2023, with a slight increase in pessimism.
—
Consumers’ spending plans in Q1 2024 signaled a priority on essential items such as baby supplies, gasoline, and food.
—
Seventy-seven percent of surveyed Americans reported engaging in some form of spending reduction in Q4 2023.
—
The U.S. Bureau of Economic Analysis, a division of the Department of Commerce, publishes the monthly “Personal Consumption Expenditures Index,” a gauge of U.S. consumer spending. According to the BEA, consumer spending on goods and services increased by 0.3% in November 2023 over the prior month.
via https://www.aiupnow.com
Adel Boukarroum, Khareem Sudlow
