Digital Transformation Slows Down the Global Economy
Only 55 Percent of Purchases by American Consumers Seems Necessary
By Shubhendra Anand , 21 December, 2023
The economic condition of the United States is changing with the various trends in the consumer's spending habits in 2023. The expenditure on goods and services by the United States consumers is evolving day by day. Studies have found that 55 percent of American consumers' expenditures and purchases are necessary.
Based on a survey conducted in 2023, with 2000 US adults on average, they admitted that the portion of purchases they made was worthy. The studies, on average, found that only 55 percent of the purchases done by United States consumers are worth it in 2023. Only 15 percent of consumers are satisfied with 20 percent of their investments. The survey also reported that two-thirds of the consumers expect very high expectations for every purchase in 2023. The respondents admitted to the study about the goods and services valued for their money, including transportation items like cars, motorbikes, and others. The respondents also mentioned things that made their daily lives easier, like a dryer, washer, and others in 2023.
The third quarter earning reports of the United States show a different perspective, indicating the consumer's changes in food habits. The American consumers who have healthy eating habits are saving themselves from paying higher prices for food and spending much at restaurants in 2023. Consumers are considering sustainability more while purchasing goods, such as the buyers have environmental, social, and governance (ESG) factors while buying products in the market. Retail sales continued to be challenging throughout the inflation crisis in the United States and pushed consumer prices to increase by 3.3 percent in October 2023.
Growing Consumer Expenditure Will Slows Market Growth in US
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Shubhendra Anand
Head Research
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