McKinsey & Company conducted its latest U.S. “ConsumerWise” survey of roughly 4,000 participants from late July 2024 through the first week of August. According to the survey, U.S. consumer confidence in the economy improved, rising to 41% from 33% in the prior quarter.
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The data shows that increased optimism has resulted in a higher but cautious inclination to spend in most categories.
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“Trading down” is changing the type or quantity of purchases for better value and pricing. McKinsey’s survey found that trading down among U.S. consumers continued, as did delays in purchases and using buy-now-pay-later plans.
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The McKinsey survey asked participants whether they intended to splurge (increase in spending lavishly) in Q3 2024.
