TGM CONSUMER SENTIMENT SURVEY IN THE US 2024
American 18-24 Age Group Surprisingly Exhibits High Concerns About Health, Says TGM Research
American 18-24 Age Group Surprisingly Exhibits High Concerns About Health, Says TGM Research
“As we analyse the findings of our latest survey, it becomes apparent that Americans in 2024 are primarily concerned with key issues, notably the impact of rising prices on their behaviour and anticipated changes in spending habits. This valuable insight offers businesses an opportunity to make informed decisions and strategically plan for the challenges and opportunities presented by the shifting landscape of consumer sentiment in the year ahead.” Greg Laski, CEO and Founder of TGM Research says.
Summarised below are key insights from TGM Consumer Sentiment Survey in the US 2024:
Health and Living Costs: Young Adults Share Concerns with Older Generations
For health and well-being, while it is anticipated that those above 55 prioritize this aspect, the survey reveals a surprising trend among young people. The age group of 18-24 has emerged as one of the top three concerned demographics, indicating a positive shift in the awareness and care for health among the younger generation.
Financial security is a shared worry across genders and ages, especially among late middle-aged Americans (45-64 years old), where the concern is over 20%.
Rising Prices Anxiety: 49% Alter Lifestyles, 47% Plan to Cut Back on Spending
Notably, the impact of rising prices is felt most significantly among the late middle age group, indicating that individuals aged 45-64 are grappling more intensely with the economic implications. Conversely, young adults around 18-24 years old, while not immune to the concern, appear to take it less seriously.
Shifts in Spending: 36% Anticipate Higher Energy/Utilities Costs, 35% Plan More on Transportation
While many plan to keep their budgets steady, shifts are expected in certain categories. Notably, 36% of respondents anticipate an increase spending on energy and utilities, with 10% of that group planning to allocate significantly higher funds to this category. Transportation and fuel expenses are also poised for an increase, with 25% of Americans intending to spend more, and 10% planning a significant uptick in this area. When it comes to necessities and groceries, 29% of respondents anticipate spending more and significantly more, while 22% of respondents express an intention to reduce their budget for this category.
Digital Shopping Ahead: 32% Open to Grocery Apps
Examining alterations in shopping habits over the next 3 months, 43% of Americans plan to explore private-label brands as a cost-conscious strategy. Additionally, 33% express openness to experimenting with new digital shopping methods, such as ordering groceries via apps. Interestingly, this shifting trend in digital shopping behaviour is most significant among young people and least pronounced among the older age groups.
TGM Research (TGM) is a technology-driven market research company that specializes in global online data collection and innovative survey technology. TGM provides agile insights for better decisions, using the most comprehensive Res-Tech to spearhead the use of digital for better market research. TGM is a remote-first company with a team of 60+ members, having a presence on five continents.
Name: Thuyen Vu - Chief Marketing Officer
Phone: +84 902 445 688
Email: