US Consumers Hope for Lower Prices and Taxes in 2025
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US Consumers Hope for Lower Prices and Taxes in 2025

17 December 2024 / Article

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A special survey reveals that consumers are most concerned about elevated prices, the tax outlook, and conflicts while hoping for lower prices and taxes and opportunities to save next year. This article delves into these wishes and woes for 2025 and how they differ by age and income, providing opportunities for businesses to tap into these sentiments to better market products and address customer needs.

Key Insights

  • “Lower prices for goods and services” tops the list of consumers’ hopes for 2025, while price increases are the most acute concern. Ongoing preoccupation with prices suggests consumers will likely remain hypersensitive to changes in inflation that might limit their purchasing power.
  • Healthier household finances are also near the top of consumers’ hopes for 2025, including the ability to save more money and pay off debt; consumers’ desire to save more could prove a boon for financial services, real estate, residential construction, and sectors that thrive on consumer investment behaviors.
  • Businesses should be aware of a potential “Great Resignation” redux among young workers, as close to one-third of consumers under 35 indicate they hope to find a better job next year.
  • Ahead of the 2026 “tax cliff,” when the 2017 tax cuts for individual filers expire, consumers note “higher taxes” as a top concern; still, they appear optimistic about a legislative solution, as “lower taxes” ranks third among hopes.

A special survey reveals that consumers are most concerned about elevated prices, the tax outlook, and conflicts while hoping for lower prices and taxes and opportunities to save next year. This article delves into these wishes and woes for 2025 and how they differ by age and income, providing opportunities for businesses to tap into these sentiments to better market products and address customer needs.

Key Insights

  • “Lower prices for goods and services” tops the list of consumers’ hopes for 2025, while price increases are the most acute concern. Ongoing preoccupation with prices suggests consumers will likely remain hypersensitive to changes in inflation that might limit their purchasing power.
  • Healthier household finances are also near the top of consumers’ hopes for 2025, including the ability to save more money and pay off debt; consumers’ desire to save more could prove a boon for financial services, real estate, residential construction, and sectors that thrive on consumer investment behaviors.
  • Businesses should be aware of a potential “Great Resignation” redux among young workers, as close to one-third of consumers under 35 indicate they hope to find a better job next year.
  • Ahead of the 2026 “tax cliff,” when the 2017 tax cuts for individual filers expire, consumers note “higher taxes” as a top concern; still, they appear optimistic about a legislative solution, as “lower taxes” ranks third among hopes.
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Author

Stephanie Guichard, PhD

Stephanie Guichard, PhD Stephanie Guichard, PhD

Senior Economist, Global Indicators
The Conference Board

Read Bio

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