Trends Report

Consumer Spending And The Economy Grow Despite Persistent Pessimism

The State Of The US Economy And Implications For Brands, H2 2024

August 26th, 2024
Dipanjan Chatterjee, VP, Principal Analyst
Dipanjan Chatterjee VP, Principal Analyst
Jitender Miglani, Principal Forecast Analyst
Jitender Miglani Principal Forecast Analyst
With contributors:
Fiona Swerdlow , Shynise McElveen

Summary

In Q3 2024, the US economy continues to grow, fueled by consumer spending. Both services and goods spending have grown in real terms, and inflation in services has boosted nominal expenditure in that category. Macroeconomic indicators are strong, and the economy continues to avert a slowdown. Yet despite the abundance of good news, consumer sentiment is at a record low, driven primarily by a widening gap in confidence between more affluent and less affluent consumers. This report helps marketers and strategists disentangle the complex economic environment to craft a growth strategy that addresses pricing, affordability, and value.

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