American consumers feel more confident going into 2024
Attest, a leading consumer research platform, today releases new data that tracks the trends, sentiments and behaviors that will shape 2024.
Attest, a leading consumer research platform, today releases new data that tracks the trends, sentiments and behaviors that will shape 2024. Its fourth annual US Consumer Trends Report surveyed 2,000 nationally representative US consumers finding:
1. More Americans feel very good about what’s in store in 2024, boosting overall morale
- The data reveals that there’s been a jump of +7 percentage points in the number of consumers who feel “very positive” about next year - to a third of Americans (33%) compared to last year’s report (at 26%).
- This section of optimistic Americans helps to increase the overall number of people feeling positive about 2024 to 71% (versus 64% last year).
2. Even the most cautious spenders are willing to spend more next year
- While a majority feel hopeful for next year, it also seems that the most careful spenders amongst us will splash out a bit more in 2024. The data finds that the percentage of Americans who say they are spending “cautiously” has declined by -5.6 percentage points (to 53%) compared to last year. Meanwhile, nearly a quarter (24%) plan to spend “freely” next year.
- In addition, a specific section of shoppers also appear to be happy to return to paying more for brands that align with their morals, with a +12 percentage point increase in consumers willing to pay a premium for environmentally friendly/ethical products. In 2023, 57% of consumers weren’t prepared to pay anything extra for a green product, but ahead of 2024 that figure has declined to 44%.
3. Online shopping will only continue to grow, but marketplaces may decline in 2024
- The dominance of ecommerce for non-food purchasing will be strengthened in 2024, with a +5.5 percentage point increase in the number of consumers who say they shop “mostly” or “always” online (to 39%). Just over 27% of Americans show a preference for in-store shopping, with the remainder splitting their purchasing between online and offline.
- Marketplaces might be in for a rude awakening next year also as there’s been a -11.1 percentage point decline in the number of consumers who say they will start on such platforms when they want to buy something online (to 40%), while nearly 29% would begin on a search engine (up by +4.9 percentage points).
4. Along with their positive outlook for 2024, consumers want brands to be humorous
- 56% of consumers want humorous brand messaging (up +4.9 percentage points on last year), while 35% want reassuring messaging (down -4 percentage points), highlighting the shift away from consumers’ sentiment last year.
- This past year also saw many brands caught up in public controversies regarding their positions on societal and political issues. In 2024, over a quarter of Americans do not want brands to be involved in such hot-button matters (at 26% - a +5.5 increase from last year).
- However, a majority do want brands to highlight issues in their marketing and advertising. Poverty/inequality remains the number one issue that people want brands to focus on in 2024 (at 35%).
- It also looks like consumer positivity could be translating into less concern about the environment. Climate change has decreased by -6.3 percentage points as an issue for brands to represent, to 22%. Meanwhile, more than a year on from the overturning of Roe v. Wade, the data finds a -7.4 percentage point decline in people wanting brands to take a stand on women’s rights (to 22%).
- Meanwhile, the number of consumers interacting with brands on TikTok continues to grow, increasing by +7.9 percentage points to 43%. Those aged 18-24 account for the largest share of users engaging with brands on TikTok: 70% of this demographic can be found there. YouTube also sees growth in brand engagement, with 60% of consumers stating they interact with brands on the platform (up +5.7 percentage points).