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13 June 2024 / Quick Take
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Copy LinkUS consumers are planning a summer of more socializing with family and friends, but an equal priority is looking after their health and wellness, according to the 2,229 respondents to our May Consumer Confidence Survey®.
Summer plans are also being shaped by affordability concerns, exacerbated by ongoing inflation and people’s weakened assessment of their financial situation. Compared to previous years, consumers plan to cut spending on plane travel and live events, consistent with entertainment and vacations being among US consumers’ top four categories targeted to save money. This shift is unsurprising given 1) the 8.1% year-over-year increase in admission prices to live performances in April and 2) Deloitte’s recent finding that more nontravelers are saying travel is currently too expensive (32% vs. 24% last year
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