Trends Report

What US Consumers Are Buying: Implications For Growth Strategy

Consumer Spending Trends In 2023 And How They Impact Brands

September 7th, 2023
Dipanjan Chatterjee, VP, Principal Analyst
Dipanjan Chatterjee VP, Principal Analyst
Jitender Miglani, Principal Forecast Analyst
Jitender Miglani Principal Forecast Analyst
Melissa Bongarzone, Researcher
Melissa Bongarzone Researcher
With contributors:
Mike Proulx , Fiona Swerdlow , Shynise McElveen , Shayna Neuburg

Summary

Consumer spending continues to grow but at a pace weaker than the prior year. Many categories classified as goods by the US Bureau of Economic Analysis (BEA) have seen expenditure trending down because of strong deflation, despite volume growth. Services (like travel and streaming) have a higher growth rate than goods but have seen a slight pricing and volume downtrend over 2023. B2C marketing executives can use this report and BEA data to assess consumer spending and sentiment to shape their growth strategies.

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