A wave of cautious optimism has spread across American consumers, reveals Euromonitor International’ latest ‘Voice of the Consumer: Lifestyles Survey’ study. The report, which surveys consumer attitudes and behaviors across 40 countries, reveals a significant shift in sentiment compared to previous pandemic years. “Consumers are feeling more optimistic about the future and increasingly less worried about global affairs,” says Euromonitor in the report’s introduction. “This presents an opportunity for brands to connect with consumers on an emotional level and create positive experiences.”
Shifting consumer outlook
This year's survey marks the highest level of optimism among US consumers since the pandemic began. While cost-of-living pressures remain a concern 72 per cent respondents reported feeling the pinch, consumers are increasingly willing to spend on experiences and brands that resonate with their values. The study also revealed bargain hunting is on the decline (reported by Euromonitor as a key finding in 2022), with a growing preference for brands that align with personal values, even if it means spending a bit more. This is reflected in the success of Coop Italia's lower-cost premium brand Fiorfiore, which targets budget-conscious consumers seeking high-quality products.
Euromonitor attributes the shift in consumer sentiment to several factors. Pandemic fatigue is one of them. After years of navigating lockdowns and uncertainty, consumers are yearning for a sense of normalcy and are more receptive to positive experiences. This aligns with Lego's recent marketing campaign, which capitalizes on the feel-good association of their products for both children and adults.
While inflation remains a concern, consumers are becoming more adept at managing their budgets. The survey suggests a growing openness to the ‘circular economy’, with practices like buying pre-owned goods gaining traction. A recent example is the rise of self-repair options for Apple products in Poland, catering to consumers who want to extend the life of their electronics.
The findings from Euromonitor's survey offer valuable insights for businesses catering to the US market. As consumer priorities shift and optimism cautiously rises, companies that can adapt their strategies to this evolving landscape will be best placed to thrive.
