Only 29% of Americans claim to be in a very good mood entering 2023. Virtually everybody has concerns about their financial wellbeing.
- As a result of their holiday spending, 26% feel the need to delay or forgo purchases they had planned for the new year.
- The impact is much more prevalent among younger consumers.
- Consumers’ mood entering the new year is largely tied to money. 36% of those who don’t feel very good entering 2023
cited their financial position as their greatest concern and another 21% noted inflation. - 37% think the year will not go well for the average American, while only 16% feel it will go well or very well.
The Outlook: Consumers will likely exert caution during the first quarter of 2023. Brands that can control their prices in an inflationary and potentially recessionary environment will have a great advantage in leveraging their price positioning.
To get additional insight into what this means for brands and retailers, read the entire study.
