Deloitte Report Shows Consumers Focused on Saving and Travel Amid High Anxiety
The latest Global State of the Consumer Tracker report from Deloitte has revealed that consumers are prioritizing building their bank accounts and leisure travel amid high anxiety levels. The report also indicated that inflation continues to impact household finances, leading to a focus on savings.
Anxiety Levels Remain High
The report highlighted a high level of anxiety among consumers, with 33 percent of those polled reporting feeling more anxious than in the past. Personal financial situations, the direction of the economy, and personal family matters were cited as the main sources of anxiety.
Generalized Anxiety Disorder (GAD)
The National Institute of Mental Health (NIMH) reports that roughly 32 percent of U.S. adults experience any anxiety disorder at some point in their lives, while 19 percent have suffered from it in the past year. Stress from work, family, and financial state can lead to GAD, the most commonly diagnosed form of anxiety. Symptoms of GAD include restlessness, fatigue, difficulty concentrating, headaches, muscle aches, stomach aches, and disruption to sleep.
The report also revealed that 35 percent of those polled felt their financial situation had worsened over the past year, although this was an improvement from the 40 percent reported in the 2022 report. However, half of respondents remained concerned about their level of savings.
Competition for Consumer Spending
While inflation appears to be cooling slightly, Deloitte suggests that consumer companies will continue to compete with the focus on savings and travel. The report stated that financial well-being sentiment is starting to show modest signs of recovery, but broader spending intentions are yet to follow suit.
– Deloitte’s Global State of the Consumer Tracker report reveals consumers are focused on building their bank accounts and leisure travel amid high anxiety levels.
– Anxiety is fueled by personal financial situations, the direction of the economy, and personal family matters.
– GAD is the most commonly diagnosed form of anxiety and can impact normal functions, including holding a job.
– While inflation is cooling slightly, consumer companies will continue to compete with the focus on savings and travel.