Household economics and consumer spending
Over 40 percent of consumers reported an average of 16 percent increase in household income and 21 percent reported an average of 31 percent decrease in household income. 79 percent of respondents reported that their household income remained the same or increased.
? In 2023, consumers expect to spend more on essential categories such as groceries, automotive-related spend, personal care products, and prescription medications.
? Consumers anticipate a 15 percent increase in grocery spend and an 11 percent increase in automotive spending.
? Expectations regarding spend increases in both grocery and automotive are predominantly driven by the price increases observed by consumers.
? Approximately 17 percent delayed purchasing a home and 6 percent of consumers delayed refinancing a home in the past 6 months. ? Consumers expect to spend less online across all categories in Winter 2023 versus Winter 2022.
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