McKinsey & Company conducted its latest U.S. “ConsumerWise” survey from late July to the first week of August 2024 among approximately 4,000 participants. investigationConfidence in the economy among U.S. consumers has improved, rising to 41% from 33% in the previous quarter.
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The data shows that rising optimism has resulted in increased but cautious spending intentions across most categories.
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“Downtrading” is the practice of changing the type or quantity of purchases in search of better value and price. McKinsey research shows that U.S. consumers are continuing to downtrade, deferring purchases and increasing frequency of use. Buy now, pay later schedule.
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The McKinsey survey asked participants whether they planned to splurge (increase luxury spending) in the third quarter of 2024.
