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CONSUMERS AND THE ECONOMIC OUTLOOK - US - APRIL 2018

Published By :

Mintel

Published Date : Apr 2018

Category :

Banking

No. of Pages : N/A

The US economy weathered the political tumult of 2017 with surprising vigor, as most major economic indicators fared increasingly better throughout the year. The nation’s GDP (gross domestic product) has been on the rise for 17 consecutive quarters, and consumer confidence has been marching forward at record levels, while unemployment continues to drop.

Table of contents

EXECUTIVE SUMMARY
Economic overview
In focus: iGeneration
STATE OF THE ECONOMY
Economic indicators remain strong moving into Q2 2018
Figure 1: Key economic indicators, January 2018
Figure 2: Consumer sentiment index, January 2003-December 2017
Figure 3: Unemployment and underemployment, January 2007-January 2018
Personal finance market growth predicted to outpace economy at large
Figure 4: Best- and worst-case forecast value of personal finance, at current prices, 2012-22
CURRENT FINANCIAL SITUATION
Roughly 40% of consumers consider their financial situation “Healthy”
Figure 5: Opinion on current financial situation, February 2018
Trended data shows slight regression to the mean
Figure 6: Opinion on current financial situation, Q1 2017-Q1 2018
iGen financial situation most likely to be rated “OK”
Figure 7: Opinion on current financial situation, by generation, February 2018
CHANGES IN FINANCIAL WELLBEING
Most consumers expect their financial situation to improve
Figure 8: Change in financial situation over the next year, February 2018
A sense of future improvement has been the trend
Figure 9: Change in financial situation over the next year, Q1 2017-Q1 2018
iGen consumers are the most optimistic about the coming year
Figure 10: Change in financial situation over the next year, by generation, February 2018
The future looks brighter in the city
Figure 11: Change in financial situation over the next year, by area, February 2018
IMPROVING FINANCES
Saving money has the biggest impact on improving finances, yet follow-through lags
Figure 12: Top most important factors in improving current financial situation, February 2018
Figure 13: Factors driving economic situation improvements, Q1 2017-Q2 2018
Figure 14: Personal savings rate percentage, monthly, seasonally adjusted annual rate, January 1980-January 2018
Millennials and iGen consumers see the value in hard work
Figure 15: Important factors in improving current financial situation, by generation, February 2018
Figure 16: Top factors for success, adult iGens, March 2017
iGen consumers see more ways to improve themselves
Figure 17: Important factors in improving current financial situation, by generation, February 2018
Millennials and iGen consumers expect help reaching their goals
Figure 18: Attitudes toward banks and banking, help reaching financial goals, by generation, November 2017
Figure 19: Chase, email campaign, Feb. 27, 2018
SPENDING PLANS
Consumers plan to travel, spend money on home
Figure 20: Past and future spending plans, February 2018
Figure 21: How money is spent, Q1 2017-Q1 2018
iGen consumers plan to save more than older generations
Figure 22: Past and future spending plans, February 2018
Younger consumers eye big-ticket electronic purchases
Figure 23: Past and future spending plans, February 2018
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations

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