WHAT THE DATA SAY: Americans view retirement today much differently from their parents

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from The Harris Poll, a Stagwell agency.

Among the highlights of our weekly consumer sentiment tracking (fielded Jan. 6-8):

ECONOMIC WORRIES MODERATE:

Today, 84% of Americans are concerned about the economy and inflation – down 4 points from last week.

• 81% worry about a potential U.S. recession (down 3 points)
• 80% about U.S. crime rates (down 4 points)
• 77% about political divisiveness (no change)
• 72% about affording their living expenses (down 3 points)
• 72% about the War on Ukraine (down 1 point)
• 60% about a new COVID-19 variant (down 1 point)
• 50% about losing their jobs (down 4 points)

IN-PERSON SHOPPERS RETURN:

Nearly half of Americans are looking for a bargain – and more are planning to shop in person this year versus last. Those are among the insights in our survey with DailyPay and Dollar Tree.

• 44% are more likely to prioritize shopping for bargains in store compared to last year.
• Overall, 67% of Americans plan to spend either the same or more in 2023 as they did in 2022 on retail purchases.
• 73% plan to shop the same or more in person this year.
• When it comes to Americans’ preferences regarding purchasing items in-store versus online: 81% prefer in-store for furniture, 69% in-store for home goods, 65% in-store for apparel, 65% in-store for sporting goods and 59% in-store for electronics.

NOT YOUR PARENTS’ RETIREMENT:

To most Americans, retirement is not their parents’ retirement. Rather than a destination, it’s become a new journey, based on our survey with Edward Jones and Age Wave.

• 55% of pre-retirees and retirees ages 45 and older say that retirement today is best described as “a new chapter in life” versus the 27% who view it as “a time for relaxation.”
• When asked how today’s retirees view their parents’ retirement, 42% said it was “a time for relaxation” and only 22% described it as “a new chapter in life.”
• Half of retirees say they are “reinviting themselves in their retirement,” particularly women (53% versus men at 47%).
• 72% say they are now “able to realize their hopes and dreams.”
• At the same time, retirement isn’t without worries: Pre-retirees and retirees ages 45+ are worried about their physical health (49%), healthcare costs (34%), unexpected expenses (32%) and economic conditions (32%).

DRY JANUARY GROWS:

Dry January continues to grow in popularity – with better health and weight loss the prime motivators, according to our survey with Go Brewing.

• 79% of Americans who consume alcohol said they considered participating in Dry January this year.
• The top motivators include a desire to be healthier (52%), lose weight (35%) and the ability to focus better on personal or work goals (33%).

AIR TRAVEL TURBULENCE:

Southwest Airlines has some work to do to repair its reputation after cancelling flights during the busy holiday travel season, our survey with AdAge

• 45% of Americans have a worse opinion of the airline since before the meltdown.
• That dissatisfaction rises to 52% among people who have recently traveled with Southwest.
• 41% of respondents say they are less likely to travel with Southwest now compared to before the mass cancellations

ICYMI:

In case you missed it, check out some of the thought-leadership and happenings around Stagwell making news:

• Zillow CEO: Traditional offices are as outdated as typewriters. Employers need to adapt. (based on Harris Poll data)
• Quick Quitting: A New Trend Among Deskless Workers?
• Most employers would sack workers for improper social media posts: Poll
• 2023 predictions for communicators (#2)

As always, if helpful, we would be happy to provide more info on any of these data or insights. Please do not hesitate to reach out.

Thank you.