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Consumers and the Economic Outlook - US - February 2015

Published By :

Mintel

Published Date : Feb 2015

Category :

Banking

No. of Pages : 136 Pages


Consumers are optimistic about their financial situation but still skeptical of the future of the economy. Their perspective seems to reflect a cognitive dissonance considering the economic conditions do impact their personal finances. This can be their strategy to cope with the challenging reality of their financial situation; believing they are doing great financially helps them keep their hopes alive believing that their situation will get better regardless of its status.

Scope and Themes

What you need to know
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms

Executive Summary

The market
The consumer
Consumers are optimistic about their own financial situation
Consumers’ economic outlook is still grim
Women are increasingly more involved in their household’s finances
Millennials are still struggling to manage their finances
Parents are conscious of their savings
High-income households could use financial guidance
Renters are financially vulnerable
What we think

Issues and Insights

How are consumers’ financial and economic outlooks changing?
The issues
The implications
Are consumers’ financial behaviors changing?
The issues
The implications

Trend Application

Trend: Prepare for the Worst
Trend: Who Are the Joneses?

Market Drivers

Key points
Gross domestic product (GDP) is stable
Figure 1: US GDP quarterly growth rate, Q1 2013-Q3 2014
Unemployment rate continues to decrease
Figure 2: Unemployment rate and underemployment, January 2013-December 2014
Consumer confidence is strong
Figure 3: Consumer confidence index, January 2013-December 2014
Personal consumer income and expenditures
Figure 4: US personal income, savings, and expenditures, Q1 2013-Q3 2014
Impact of the decrease in gas prices
Figure 5: Average price per gallon of gasoline, unleaded regular, January 2013-December 2014
Consumers are spending more for food, housing, and healthcare
Figure 6: Personal consumption expenditures for food, housing, health care, Q1 2012-Q3 2014

Marketing Strategies

Overview
Theme: financial planning
Wells Fargo
Figure 7: Wells Fargo, mailing, 2014
USAA
Figure 8: USAA, mailing, 2014
Theme: college savings
Fidelity
Figure 9: Fidelity, email, 2014
Edward Jones
Figure 10: Edward Jones, mailing, 2014

Consumers’ Financial Sentiment

Key points
Consumers’ financial sentiment is unchanged
Figure 11: Current financial sentiment, July 2012-September 2014
Consumers show a glimmer of hope for their financial future
Figure 12: Personal financial outlook, July 2012-September 2014
Consumers are less optimistic about the future of the economy
Figure 13: Economic outlook, July 2012-September 2014

Consumers’ and Households’ Current Financial Health

Key points
Consumers are optimistic about their financial health
Figure 14: Household financial health, 2012-14
Millennials and Swing Generation are the most financially confident
Figure 15: Household financial health, by age, October 2014
Homeowners are strengthening their financial situation
Figure 16: Household financial health, by primary residence, October 2014
Higher-income households have a healthy financial situation
Figure 17: Household financial health, by household income, October 2014

Factors of Economic Success

Key points
Saving money is a key factor to economic success
Figure 18: Factors of economic success, by age, October 2014
Renters point to job stability as a factor of economic success
Figure 19: Factors of economic success, by primary residence, October 2014

Household Financial Decision Making

Key points
Women are contributing to their household financial decisions
Figure 20: Household financial decision maker, by gender, October 2014
Millennials are sole decision makers
Figure 21: Household financial decision maker, by age, October 2014
Average-income households have both partners share financial decisions
Figure 22: Household financial decision maker, by household income, October 2014

Household Borrowing Behaviors

Key points
Consumers are reducing their debt
Figure 23: Credit cards status, 2013-14
Financially healthy households carry very little debt
Figure 24: Credit cards and household loans status, by current financial health, October 2014
Millennials are still challenged by debt
Figure 25: Credit cards and household loans status, by age, October 2014
High income earners are not immune to debt
Figure 26: Credit cards and household loans status, by household income, October 2014

Household Savings Behaviors

Key points
Consumers are increasing their savings
Figure 27: Household savings status, 2013-14
Women are not saving enough
Figure 28: Household savings status, by gender, October 2014
Renters are more financially vulnerable than homeowners
Figure 29: Household savings status, by primary residence, October 2014

Financial and Economic Predictions

Key points
Consumers are still skeptical about the economy
Figure 30: Household financial and economic predictions, 2013-14
Millennials demonstrate the most optimism
Figure 31: Household financial and economic predictions, by age, October 2014

Households’ Future Financial Priorities

Key points
Consumers plan on keeping their debt low and increasing their savings
Figure 32: Future financial priorities, Any importance (very and somewhat important), 2013-14
Women are building their emergency funds
Figure 33: Future financial priorities – Any importance (very and somewhat important), by gender, October 2014
Parents plan to increase their retirement contributions
Figure 34: Retirement contribution – CHAID – Tree output, October 2014
Figure 35: Future financial priorities – Any importance (very and somewhat important) – CHAID – Table output, October 2014
Millennial parents prioritize educational savings
Figure 36: Educational savings– CHAID – Tree output, October 2014
Figure 37: Future financial priorities – Any importance (very and somewhat important) – CHAID – Table output, October 2014
High-income households are not eliminating their credit card debt
Figure 38: Future financial priorities – Any importance (very and somewhat important), by household income, October 2014

Appendix – Other Useful Consumer Tables

Current financial sentiment
Figure 39: Current financial sentiment, by gender, August 2013-September 2014
Figure 40: Current financial sentiment, by age, August 2013-September 2014
Figure 41: Current financial sentiment, by race/Hispanic origin, August 2013-September 2014
Figure 42: Current financial sentiment, by household income, August 2013-September 2014
Figure 43: Current financial sentiment, by race and age, August 2013-September 2014
Figure 44: Current financial sentiment, by Hispanic origin and age, August 2013-September 2014
Personal financial outlook
Figure 45: Personal financial outlook, by gender, August 2013-September 2014
Figure 46: Personal financial outlook, by age, August 2013-September 2014
Figure 47: Personal financial outlook, by race/Hispanic origin, August 2013-September 2014
Figure 48: Personal financial outlook, by household income, August 2013-September 2014
Figure 49: Personal financial outlook, by race and age, August 2013-September 2014
Figure 50: Personal financial outlook, by Hispanic origin and age, August 2013-September 2014
Economic outlook
Figure 51: Economic outlook, by gender, August 2013-September 2014
Figure 52: Economic outlook, by age, August 2013-September 2014
Figure 53: Economic outlook, by race/Hispanic origin, August 2013-September 2014
Figure 54: Economic outlook, by household income, August 2013-September 2014
Figure 55: Economic outlook, by race and age, August 2013-September 2014
Figure 56: Economic outlook, by Hispanic origin and age, August 2013-September 2014
Financial sentiment and economic outlook trend analysis
Figure 57: Current financial sentiment, July 2012-September 2014
Figure 58: Personal financial outlook, July 2012-September 2014
Figure 59: Economic outlook, July 2012-September 2014
Current financial health
Figure 60: Household financial health, by gender, October 2014
Figure 61: Household financial health, by age, October 2014
Figure 62: Household financial health, by race/Hispanic origin, October 2014
Figure 63: Household financial health, by household income, October 2014
Figure 64: Household financial health, by presence of children in household, October 2014
Figure 65: Household financial status, by financial decision maker, October 2014
Economic success
Figure 66: Factors of economic success, by gender, October 2014
Figure 67: Factors of economic success, by age, October 2014
Figure 68: Factors of economic success, by race/Hispanic origin, October 2014
Figure 69: Factors of economic success, by household income, October 2014
Figure 70: Factors of economic success, by primary residence, October 2014
Figure 71: Factors of economic success, by current financial situation, October 2014
Figure 72: Factors of economic success, by financial decision maker, October 2014
Household financial decision maker
Figure 73: Household financial decision maker, by gender, October 2014
Figure 74: Household financial decision maker, by age, October 2014
Figure 75: Household financial decision maker, by race/Hispanic origin, October 2014
Figure 76: Household financial decision maker, by household income, October 2014
Figure 77: Household financial decision maker, by presence of children in household, October 2014
Debt status
Figure 78: Credit cards status, by gender, October 2014
Figure 79: Credit cards status, by age, October 2014
Figure 80: Credit cards status, by race/Hispanic origin, October 2014
Figure 81: Credit cards status, by household income, October 2014
Figure 82: Credit cards status, by presence of children in household, October 2014
Figure 83: Credit cards status, by current financial situation, October 2014
Figure 84: Credit cards status, by financial decision maker, October 2014
Figure 85: Household loans status, by gender, October 2014
Figure 86: Household loans status, by age, October 2014
Figure 87: Household loans status, by race/Hispanic origin, October 2014
Figure 88: Household loans status, by household income, October 2014
Figure 89: Household loans status, by presence of children in household, October 2014
Figure 90: Household loans status, by current financial situation, October 2014
Figure 91: Household loans status, by financial decision maker, October 2014
Saving status
Figure 92: Household savings status, by gender, October 2014
Figure 93: Household savings status, by age, October 2014
Figure 94: Household savings status, by race/Hispanic origin, October 2014
Figure 95: Household savings status, by household income, October 2014
Figure 96: Household savings status, by presence of children in household, October 2014
Figure 97: Household savings status, by current financial situation, October 2014
Figure 98: Household savings status, by financial decision maker, October 2014
Future financial priorities – Important
Figure 99: Future financial priorities – Any importance, by gender, October 2014
Figure 100: Future financial priorities – Any importance, by age, October 2014
Figure 101: Future financial priorities – Any importance, by race/Hispanic origin, October 2014
Figure 102: Future financial priorities – Any importance, by household income, October 2014
Figure 103: Future financial priorities – Any importance, by presence of children in household, October 2014
Figure 104: Future financial priorities – Any importance, by current financial situation, October 2014
Figure 105: Future financial priorities – Any importance, by financial decision maker, October 2014
Future financial priorities – Unimportant
Figure 106: Future financial priorities – Any unimportance, by gender, October 2014
Figure 107: Future financial priorities – Any unimportance, by age, October 2014
Figure 108: Future financial priorities – Any unimportance, by race/Hispanic origin, October 2014
Figure 109: Future financial priorities – Any unimportance, by household income, October 2014
Figure 110: Future financial priorities – Any unimportance, by current financial situation, October 2014
Figure 111: Future financial priorities – Any unimportance, by financial decision maker, October 2014
Financial predictions
Figure 112: Household financial predictions, by gender, October 2014
Figure 113: Household financial predictions, by age, October 2014
Figure 114: Household financial predictions, by race/Hispanic origin, October 2014
Figure 115: Household financial predictions, by household income, October 2014
Figure 116: Household financial predictions, by presence of children in household, October 2014
Figure 117: Household financial predictions, by current financial situation, October 2014
Figure 118: Household financial predictions, by financial decision maker, October 2014
Figure 119: Economic predictions, by gender, October 2014
Figure 120: Economic predictions, by age, October 2014
Figure 121: Economic predictions, by race/Hispanic origin, October 2014
Figure 122: Economic predictions, by household income, October 2014
Figure 123: Economic predictions, by presence of children in household, October 2014
Figure 124: Economic predictions, by current financial situation, October 2014
Figure 125: Economic predictions, by financial decision maker, October 2014
Homeowners
Figure 126: Household financial health, by primary residence, October 2014
Figure 127: Household financial decision maker, by primary residence, October 2014
Figure 128: Credit cards status, by primary residence, October 2014
Figure 129: Household savings status, by primary residence, October 2014
Figure 130: Future financial priorities – Any unimportance, by primary residence, October 2014
Figure 131: Economic predictions, by primary residence, October 2014
Homeowners’ future goals
Figure 132: Homeowners future goals, by gender, October 2014
Figure 133: Homeowners future goals, by age, October 2014
Figure 134: Homeowners future goals, by race/Hispanic origin, October 2014
Figure 135: Homeowners future goals, by household income, October 2014
Figure 136: Homeowners future goals, by presence of children in household, October 2014
Figure 137: Homeowners future goals, by current financial situation, October 2014
Figure 138: Homeowners future goals, by financial decision maker, October 2014
Personal financial attitudes
Figure 139: Personal-opinions/attitudes, opinions, interests, by gender, August 2013-September 2014
Figure 140: Personal-opinions/attitudes, opinions, interests, by age, August 2013-September 2014
Figure 141: Personal-opinions/attitudes, opinions, interests, by race/Hispanic origin, August 2013-September 2014
Figure 142: Personal-opinions/attitudes, opinions, interests, by household income, August 2013-September 2014
Figure 143: Personal-opinions/attitudes, opinions, interests, by race and age, August 2013-September 2014
Figure 144: Personal-opinions/attitudes, opinions, interests, by Hispanic origin and age, August 2013-September 2014
Figure 145: Personal-opinions/personal finances, by gender, August 2013-September 2014
Figure 146: Personal-opinions/personal finances, by age, August 2013-September 2014
Figure 147: Personal-opinions/personal finances, by race/Hispanic origin, August 2013-September 2014
Figure 148: Personal-opinions/personal finances, by household income, August 2013-September 2014
Figure 149: Personal-opinions/personal finances, by race and age, August 2013-September 2014
Figure 150: Personal-opinions/personal finances, by Hispanic origin and age, August 2013-September 2014

Appendix: Trade Associations

American Bankers Association (ABA)
American Financial Services Association (AFSA)
Consumer Bankers Association (CBA)
Credit Union National Association
Independent Community Bankers of America (ICBA)
Mortgage Bankers Association (MBA)
National Credit Union Association (NCUA)

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