17.06.2024

Human8, a leading global consultancy, has unveiled its latest research, which explores consumer sentiment amidst turbulent times. The comprehensive study sheds light on the evolving attitudes and behaviors of consumers as they confront the current landscape, marked by financial volatility and electoral changes.

“Organizations can’t predict all of the changes that are going to happen in the next year – which of course leads to a degree of uneasiness. But understanding consumer sentiment during such times is crucial in remaining relevant,” said Katherine Ephlin, Managing Director, North America, Human8. “Our research highlights not only the challenges and apprehension but also the remarkable adaptability and optimism that many consumers display. This insight provides intel for brands to develop human-centered strategies to drive positive change.”

Some sample findings from the research conducted among over 400 U.S. consumers include:

• Emotions are Mixed: 53% of respondents reported positive emotions (optimistic, calm, confident), while 43% expressed negative feelings (anxious, fearful, annoyed, hopeless, sad, angry). Although notably, respondents’ optimism is higher now compared to the onset of the COVID-19 pandemic in 2020.
• Confidence with Market and Investing for the Future: Many people feel some degree of confidence in the market, with 70% increasing or keeping their same amount of contribution to future savings (401k, 403b, children’s college savings, etc.). While 25% plan to not contribute to at all, and 5% plan to decrease their contribution as compared to last year.
• Travel and Spending Intentions Remain Strong: A significant 76% of respondents plan to take a vacation in the coming year, with 53% eyeing weekend getaways and 42% planning domestic travel.
• Importance of Time and Transparency: 54% of consumers believe that ‘valuing their time’ is among the most important traits brands should be delivering on, and 49% believe ‘transparency’ is most important. Additionally, 77% consider it very or extremely important that companies listen to their opinions and concerns.
• Pets over People: More Millennial respondents plan to expand their pet families (34%) than those who plan to get married (24%) or grow their families (33%).

To learn more about this study and how organizations can use this insight to drive impact, check out our latest on-demand webinar.