State of the US Consumer: February 2024

Financial sentiment and spending confidence plateau

Anthony Waelter

United States

Stephen Rogers

United States

Key insights about US consumers from Deloitte’s ConsumerSignals

Consumer spending intentions have yet to surpass 2022 levels as financial well-being sentiment remains unmoved from a year ago

  • Deloitte’s financial well-being index increased to 99.0 in January, up slightly from 97.4 recorded in December 2023. Over the longer term, the index mirrors levels measured a year ago (figure 1). 
  • The percentage of US survey respondents anxious about the direction of the economy eased to 31% in January, down from 43% in July 2023. The percentage anxious about their personal finances, however, remains slightly elevated at 43% (figure 2).
  • Strong consumer spending intentions in December 2023 (figure 3) coincided with healthy spending on goods the same month (figure 5). Consumer spending, however, cooled post holidays. Both consumer spending intentions (figure 3) and US retail sales fell in January (figure 7). Meanwhile, savings intentions held steady (figure 4).
  • Over the longer term, consumer spending intentions have yet to return to 2022 levels (figure 3).




*Deloitte’s financial well-being index in figure 1 is measured across six dimensions of financial health: (1) confidence in the ability to meet current financial obligations, (2) comfort with level of savings, (3) income relative to spending, (4) delays in making large purchases, (5) assessment of current personal financial situation compared to prior year, and (6) expectations of personal financial situation for the year ahead. Higher index values represent strong financial well-being and vice versa. In figure 4, total spending intentions include housing (including utilities and maintenance), transportation, groceries, health care, clothing, household goods, personal care, education, internet and data, recreation and entertainment, leisure travel, restaurants, electronics, and home furnishings.

Source: Deloitte ConsumerSignals.
Deloitte Insights | www2.deloitte.com/insights






Sources: US Department of Commerce, US Bureau of Labor Statistics, The Wall Street Journal (all sourced through Haver Analytics); Deloitte Services LP analysis.
Deloitte Insights | www2.deloitte.com/insights

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By

Anthony Waelter

United States

Stephen Rogers

United States