Top Consumer Concern in 2023: Personal Finance

Personal finances were the top concern for over a third of Americans last year, according to the latest Numerator Visions ‘24 report. Despite resilient consumer spending, worries about personal finances remained high throughout 2023, with around 40% of households citing it as their primary concern. In comparison, world events, family/friends, and work/school all remained at or below the 20% mark during the same period.

Low-income households experienced a six percentage point increase in financial worry in 2023, according to Numerator. Factors such as the cancellation of emergency SNAP allotments valued at nearly billion and the resumption of student loan repayments that were frozen during the COVID-19 pandemic contributed to this increase.

On the retail front, private label brands continued to see strong growth in 2023, driven by consumers across all income brackets. Walmart’s Great Value, Aldi’s brands, Costco’s Kirkland Signature, Wakefern Food Corp.’s Bowl & Basket, and Trader Joe’s products were among the notable contributors to the increase in private label unit share.

Looking ahead to 2024, technological innovations are reshaping the way people shop and consume. More than half of the U.S. population now uses mobile payments like Apple Pay or Samsung Pay while shopping. Mobile payments and downloadable content experienced significant growth in 2023, increasing by 10 and six percentage points year-over-year, respectively. Click & Collect and Buy Now, Pay Later also saw notable gains in adoption.

AI shopping technologies are also gaining traction among consumers, with price comparison tools, clothing size recommendations based on weight and height measurements, and virtual try-ons becoming increasingly popular.

Another key consumer insight from 2023 was the heightened focus on health and wellness. Numerator reported a double-digit increase in consumers prioritizing physical well-being, with 34% of respondents emphasizing their health. Additionally, a growing number of consumers are considering or using nutrition and mental health apps to support their wellness goals in 2024.

For more information, you can access the full Numerator report here.

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