By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded May 19-21):

WORRIES ABOUT ECONOMY MIXED

Today, 87% of Americans are concerned about the economy and inflation – up 2 points from last week and higher than December’s 82% rate.

• 83% about a potential U.S. recession (up 3 points)
• 70% about affording my living expenses (down 2 points)
• 75% about political divisiveness (no change)
• 80% worry about U.S. crime rates (no change from last week)
• 63% about the War on Ukraine (down 7 points)
• 48% about a new COVID-19 variant (down 2 points)
• 48% about losing their jobs (down 3 points)

MOOD OF THE COUNTRY REMAINS NEGATIVE

Today, less than a third of Americans say the country is on the “right track,” and two thirds believe the economy is headed in the wrong direction. These are among the insights in our latest poll with the Center for American Political Studies at Harvard University.

• Americans want debt ceiling negotiations – with 70%, up 6 points from last month, saying a default would be a huge issue.
• Stricter immigration policies also are favored by a majority on both sides of the political aisle: 54%– including 67% of Democrats and 46% of Republicans – support the repeal of Title 42.

BEST COMPANY REPUTATIONS

The Harris Poll’s annual Reputation Quotient (RQ) study of corporate reputation is out. The study of 16,310 Americans ranks companies with the best and worst reputations on vision, growth, products and services, trust, culture, ethics and citizenship.

• TOP 10: Patagonia (83.5 RQ score/excellent), Costco (82.1/excellent), John Deere (82.0/excellent), Trader Joe’s (81.7/excellent), Chick-Fil-A (81.4/excellent), Toyota (81.0/excellent), Samsung (81.0/excellent), Amazon (80.7/excellent), USAA (80.6/excellent) and Apple (80.6/excellent).
• BOTTON 10: Trump Organization (52.9 RQ score/very poor), FTX (58.6/poor), Fox (59.3/poor), Twitter (59.3/poor), Facebook (59.7/poor), Spirit Airlines (60.1/poor), TikTok (61.1/poor), Bitcoin (61.1/poor), BP (63.5/poor) and Balenciaga (65.5/fair).
• BIGGEST GAINERS: Uber (+6.3%), Nike (+5.2%), Costco (+5.0%), American Express (+4.3%), Chick-fil-A (+4.3%), Volkswagen (+3.8%), McDonald’s (+3.7%), Chipotle (+3.5%), Kohl’s (+3.4%) and JC Penney (+2.9%).
• BIGGER DECLINERS: BP (-6.6%), Tesla (-6.4%), Spirit Airlines (-5.0%), Dollar Tree (-5.0%), Taco Bell (-4.8%), Fox (-4.7%), TikTok (-4.1%), PayPal (-3.9%), Stellantis (-3.9%) and Disney (-3.5%).
• POLITICAL DAMAGE: One of the most significant lessons in this year’s study is that, when you divide, you subtract – meaning customers. Disney continued to decline (now at 77 of 100, from 65 last year) amid partisan politics. Disney also was ranked the fifth most divisive company in the study.
• FALLEN STARS: A pivot against renegade solo leaders is clear this year: FTX and Sam Bankman Fried made the list for the first time this year – ranking 99th of 100 for reputation. Tesla also saw one of the most significant reputation drops of the past year, from 12th place in 2022 to 62nd this year, as Twitter (ranked near last at 97) created business and reputational issues for Elon Musk.
• INTERACTIVE RANKINGS: See this link for an interactive ranking of all companies on the list this year.

SCHOOL’S OUT, YET PARENTS ARE STRESSED

Parents of school-age children are stressed trying to lock in a safe, smart summer option for their kids, according to our Harris Poll survey with KinderCare.

• 46% of parents report being stressed about finding child care this summer.
• 78% of parents say they are very or somewhat confident on parenting on a typical day – down 4 points from a year ago.
• When it comes to choosing child care, parents look for: safety (49% today versus 31% a year ago), reliability (48% today versus 52% a year ago), health protocols (39% today versus 31% a year ago), emotional curriculum (36% today versus 32% a year ago), functional curriculum (34% today versus 38% a year ago) and inclusion (30% today versus 31% a year ago).

ICYMI

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

• 2023 Consumer Credit Card Report
• Polls show worker burnout taking heavy toll
• Media Ranks Among Americans’ Least Trusted Institutions

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded May 12-14):

WORRIES ABOUT ECONOMY MODERATE; JOB CONCERNS RISE

Today, 85% of Americans are concerned about the economy and inflation – down 1 point from last week and higher than December’s 82% rate.

• 80% worry about U.S. crime rates (down 2 points from last week)
• 80% about a potential U.S. recession (down 1 point)
• 75% about political divisiveness (down 2 points)
• 72% about affording my living expenses (up 5 points)
• 70% about the War on Ukraine (up 1 point)
• 50% about a new COVID-19 variant (down 4 points)
• 51% about losing their jobs (up 5 points)

PARENTS SEE DRAWBACKS OF WORK-FROM-HOME

Many parents are rebelling against remote work, finding serious drawbacks, according to our survey with Bright Horizons.

• 41% of parents say that, when they work from home, they often go days without leaving their house.
• 33% “feel very isolated” when working remotely.
• 8 in 10 parents who work at least part-time remotely juggle jobs with their family responsibilities during the workday – 47% running kids to activities and 44% helping with homework.
• 35% of work-from-home parents also believe their hybrid schedule negatively affects their careers.
• 40% would like their managers to advise them on how much time they should be in the office.

SCHEDULING APPOINTMENTS AND HIGH COSTS WEIGH DOWN HEALTHCARE REPORT CARD

Most Americans only give the U.S. healthcare system a C grade, and many do not believe the system is meeting their needs, according to our study with the American Academy of Physician Associates.

• A quarter of adults feel that, at a high level, the system is “broken” – with 26% giving the U.S. healthcare system a D (18%) or an F (8%) grade, and only 10% giving it an A grade.
• Those who are on Medicare (17%) or Medicaid (12%) are most likely to give an A grade versus those with private insurance (7%).
• Reasons for the dissatisfaction include: takes too long to schedule an appointment (31%); high costs (26%); insurance does not fully cover costs (23%); lack of focus on preventative care (19%); and not enough local providers (13%).
• 56% say they wait more than a week for an appointment.
• All of this has resulted in 44% skipping or delaying healthcare services in the past two years – most problematic among adults 35-49 (54%), adults 18-34 (53%) and Latino Americans (53%).
• The top reasons for delaying or skipping visits include: costs (40%); lack of time (30%); not feeling the health issue is severe enough (27%); and too long to book an appointment (25%).

SOCIAL MEDIA IMPORTANCE EXPECTED TO GROW

Four in 10 business leaders expect their social media budget to increase at least 50% in the next three years – particularly for reputation building, connecting better with customers and predicting future trends. Key insights from our study with Sprout Social of marketing, customer care and communications professionals in the U.S. and UK include:

• The highest impact of social media on business priorities include building reputation (55%), connecting with customers (51%), competitive positioning (46%), predicting future trends (45%) and moving the business forward with reduced budgets (34%).
• 30% expect a significant increase in social media use in their business during the next three years, and 58% expect a moderate increase. Fewer than 2% expect a decline.
• 69% say social media data and insights currently are underutilized at their company.
• Challenges preventing companies from more effectively using social media data and insights to inform business decision-making include: limited access to social data tools (42%), lack of integration with other technology solutions (42%) and lack of qualified team members who know how to use the tools (39%).
• Business leaders overwhelmingly agree that AI will enable companies to better analyze social media data and insights. Greatest benefits of AI and social media together are expected to be behavioral segmentation (49%), predictive analytics (45%) and dynamic pricing (45%).
• The top three departments with the greatest influence on a company’s social media strategy are marketing (79%), customer care (57%) and communications (51%).

ICYMI

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

• New data on the writers’ strike and use of AI in Hollywood
• Americans born between 1965 and 1980 are concerned that Social Security won’t be there to support them in retirement.
• I used ChatGPT to write a cover letter and pretty much fooled 3 experts
• A New Antitrust Era is Coming. Here’s How You Weather the Storm.

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded May 5-7):

WORRIES ABOUT ECONOMY MODERATE

Today, 86% of Americans are concerned about the economy and inflation – down 2 points from last week and higher than December’s 82% rate.

• 82% worry about U.S. crime rates (down 1 point from last week)
• 81% about a potential U.S. recession (down 1 point)
• 77% about political divisiveness (up 1 point)
• 67% about affording my living expenses (down 8 points)
• 69% about the War on Ukraine (down 1 point)
• 54% about a new COVID-19 variant (down 4 points)
• 46% about losing their jobs (down 7 points)

GROCERIES, GAS REMAIN TOP INFLATION CONCERNS

When it comes to inflation, gas and groceries continue to be the biggest concerns among Americans.

• 74% say groceries represent the biggest inflation impact today (consistent with 73% a year ago), followed by gas (65% today, 75% a year ago), utilities (43% today, 36% a year ago), eating out (41% today, 38% a year ago) and healthcare (30% today, 20% a year ago).
• Americans are split on whether inflation will improve this year – with 51% saying it’s unlikely, which is 6 points higher than December.
• Women (55%) are the most skeptical about inflation remaining a problem at least through year-end, along with Gen X (59%), Gen Z (55%) and Boomers (53%). Millennials are the most optimistic, with only 40% saying inflation will remain an issue through year-end.

WILL AI PLAN YOUR NEXT VACATION?

AI-powered travel tools could take the hassle out of vacation planning – with advice previously available only to those who could afford a personal travel planner. Yet are travelers ready? Stagwell’s National Research Group’s “Will conversational AI revolutionize the travel experience?” survey finds out.

• 61% of consumers say that they’d be willing to use conversational AI to help plan a future trip.
• 46% expect AI to have a positive impact on the travel experience.
• Among consumers who already have used AI to help plan a trip, 49% found it to be a “very effective” tool.
• At the same time, 51% of travelers are worried AI-powered travel tools will fail to protect personal data.
• 81% say that, if using AI to help plan a trip, they would double check the accuracy of the information before making any decisions.

MOST AMERICANS HAVE NOT SAVED FOR A CRISIS

Only 45% of Americans would be able to cover a $1,000 emergency expense without turning to a credit card or loan, according to our survey with NerdWallet.

• 89% of Americans save on a regular basis, yet 60% don’t have a retirement-specific account.
• 53% regularly save for emergencies, 43% for retirement and 42% for vacations.
• 25% have used money from savings or a retirement account to pay their bills within the last 12 months.
• Americans who regularly save typically set aside $985 every month. Gen Z ($1,164 a month) and Millennials ($1,205) save the most – compared with Gen X ($891) and Boomers ($781).

AGEING REFRAMED

Outdated narratives surrounding ageing are changing – with older people becoming more vocal about who they are and how they should be represented in culture. A new report, “Reframing Ageing,” from Stagwell’s 72andSunny and Crowd DNA identifies three developing themes:

• Rejecting Ageing: Ageing traditionally has been associated with diminishing qualities and attractiveness. Instead, rejecting ageing is about maintaining youthful traits, qualities and abilities.
• Reclaiming Ageing: Ageing narratives are evolving into a space where people are tired of trying to fit into ‘ageing ideals’. Instead, people are embracing who they are as they age, choosing how they want to look and behave, without the need for validation.
• Reassessing Ageing: Ageing is seen as an outlet for continual growth and self-fulfillment. Older people are positively reflecting on life in a way that can only occur by embracing the ageing process and redefining what it means to grow older.

ICYMI

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

• Return to the office is shoving moms out of the workforce – again
• Looking for a Job? If You’re Not Using Social Media, You Should Be
• Americans want to see their favorite brands in movies, research finds

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Apr. 21-23):

WORRIES ABOUT ECONOMY GROW AGAIN

Today, 87% of Americans are concerned about the economy and inflation – up 3 points from last week and higher than December’s 82% rate.

• 81% worry about U.S. crime rates (up 2 points from last week)
• 80% about a potential U.S. recession (up 1 point)
• 74% about political divisiveness (up 5 points)
• 70% about affording my living expenses (up 2 points)
• 71% about the War on Ukraine (up 3 points)
• 55% about a new COVID-19 variant (up 1 point)
• 45% about losing their jobs (down 3 points)

WHERE ARE AMERICANS CUTTING BACK?

Is inflation moving sports fans from the stadium to the couch? A new survey from Stagwell’s National Research Group shows that 75% of Americans say they’ve had to cut household spending during the past six months due to inflation – a quarter cutting back “significantly” – yet sports seem to be somewhat insulated.

• Those in their late 20s and early 30s, as well as those with young children at home, are among the groups most likely to have been forced to make household cutbacks.
• Where are Americans cutting back? Top spending cuts include restaurant dining (41%), takeout (37%), travel (34%) and going to bars and clubs (27%). Much lower are cutbacks on tickets to live games (19%), sports merchandise (15%) and sports packages for TV or streaming services (12%).
• That said, 26% expect to watch more sports games at home during the next 12 months, compared with 10% who plan to watch fewer.
• 31% say that they plan to travel to fewer live sports games than they have in the past, while 18% expect to go to more of them.
• A worsening economic climate is making some fans more invested in sports: 81% of sports fans agree that “sports help bring people together in times of adversity.” 71% say that “no matter what’s going on in the world, sports help me feel better.”

RELYING ON LOTTERY TICKETS MORE THAN FINANCIAL PLANNING

We seem to rely on lottery tickets more than financial planning, according to our survey with Empower.

• 71% of Americans say they have purchased a lottery ticket, and 24% say they’ve spoken to a fortune teller.
• Yet only 33% have spoken with a financial planner.
• We also know as much about celebrities’ net worth as our family’s: 58% of Americans know their net worth, 37% understand their partner’s, 28% their family’s – and 28% know Elon Musk’s net worth.

MENTAL HEALTH SYSTEM STRUGGLES WITH DEMAND

The vast majority (83%) of the nation’s behavioral health workforce believes that, without public policy changes, provider organizations won’t be able to meet the demand for mental health or substance use treatment and care in the U.S. The National Council for Wellbeing survey also warns of a potential exodus of behavioral health workers due to burnout.

• 65% report increased client caseload, and 72% reported increased client severity since the COVID-19 pandemic.
• 90% of behavioral health workers are concerned about the ability for those not currently receiving care to gain access to care.
• 87% are concerned about the ability to provide care in the event of another health crisis in the future.
• 93% said they have experienced burnout, and 62% say they are suffering from moderate or severe levels of burnout.
• 48% of behavioral health workers say the impacts of workforce shortages have caused them to consider other employment options.
• Adding to the problem: 68% of those who provide care to patients say the amount of time spent on administrative tasks takes away from directly supporting clients.

ICYMI

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

• What brands can learn from Gen Z’s environmental awakening
• A new survey might be the first indication that economic woes are casting clouds over the push for climate action
• Unpacking travel privilege: Why Black representation matters in travel
• A.I. might resuscitate the 50-year-old e-mail technology and make it smarter

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Apr. 14-16):

WORRIES ABOUT ECONOMY MODERATE

Today, 84% of Americans are concerned about the economy and inflation – down 4 points from last week and near December’s 82% rate.

• 79% worry about U.S. crime rates (down 4 points)
• 79% about a potential U.S. recession (down 3points)
• 69% about political divisiveness (down 7points)
• 68% about affording my living expenses (down 4 points)
• 68% about the War on Ukraine (down 4 points)
• 54% about a new COVID-19 variant (down 2 points)
• 48% about losing their jobs (down 2 points)

AMERICANS SOUR ON COUNTRY’S AND PERSONAL OUTLOOK

For the first time since last year, Americans’ overall view of the economy has declined, and 52% also believe their personal finances are suffering. That’s according to our latest poll with the Center for American Political Studies at Harvard University.

• Partisanship determines Americans’ view of the economy: 30% overall say the economy on the right track, with 54% of Democrats thinking so compared with 12% of Republicans.
• 52% think their personal financial situation is getting worse.
• 66% think the U.S. government has too much debt, and 55% think the government is spending too much.
• When told the national debt is $31 trillion, 65% want Congress to raise the debt ceiling only with restraints on future spending.
• Crime is becoming a more universal concern – with 86% saying crime is a serious issue right now.
• 48% think crime and safety are getting worse in their own communities.
• Americans blame rising crime in cities on the worsening economy (23%) and prosecutors who don’t enforce the laws (22%).

ARE YOU WILLING TO POST YOUR SALARY ONLINE?

Most Americans are still hesitant to discuss money with others – except young people, according to our survey with Empower.

• 62% of Americans say they don’t talk about money, even though 66% believe more open conversations around it are key to achieving “financial freedom.”
• 34% of Americans surveyed say they’d be willing to post their salary information on LinkedIn.
• Younger professionals are even more willing to do so – with 53% of Gen Z and 58% of Millennials saying they would be okay posting how much money they make online.
• That said, 68% say they avoid uncomfortable money discussions at work.
• 56% of those surveyed say they wish discussing salaries wasn’t taboo.
• 67% of workers say they feel comfortable asking for a raise.
• 74% of men feel comfortable asking for a raise compared with 59% of women.
• 50% of men feel comfortable talking about salary with co-workers versus 36% of women.

GENERATIVE AI CHANGING THE WAY WE VIDEOGAME

Are players ready to embrace AI in gaming? Most believe generative AI is here to stay and that video games might never be the same, according to Stagwell’s National Research Group’s new report, “Pressing Play on AI: A Game-Changing Power-Up?”

• 77% of players say they’ve heard the term “generative AI.”
• 60% expect AI to have a net positive effect on the industry.
• 73% believe game developers are likely to play a major role in blazing a trail for the development of AI technology during the next five years.
• 80% say studios using AI-powered tools need to take steps to ensure that AI they use are not plagiarizing the work of artists, voice actors, writers or other creatives.
• 78% believe it’s important that the use of AI in game development doesn’t push out creativity from the process.

READY TO TRAVEL ABROAD – EXCEPT FOR HEALTH INSURANCE

Americans say they are increasingly looking to travel outside the U.S. Yet many are unprepared for a medical event during their trip, according to our survey with GeoBlue.

• 77% of travelers agree that affordable access to quality medical care abroad is just as important as booking a great place to stay or the best flights.
• 87% know a medical event is a realistic possibility, yet 52% have an “it-won’t-happen-to-me” attitude.
• 46% believe domestic health insurance would cover an international medical event.
• 76% say they likely don’t have adequate health insurance coverage for international trips.

ICYMI

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

• Inflation Is Putting a Damper on Summer Travel, Survey Finds
• What brands can learn from Gen Z’s environmental awakening
• New Poll Shows Americans Actually Can Agree on Something: Trees

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Apr. 7-9):

WORRIES ABOUT ECONOMY UP AGAIN

Today, 88% of Americans are concerned about the economy and inflation – up 3 points from last week and up sharply from December’s 82% rate.

• 83% worry about U.S. crime rates (up 3 points)
• 82% about a potential U.S. recession (up 2 points)
• 76% about political divisiveness (up 2 points)
• 72% about affording my living expenses (up 2 points)
• 72% about the War on Ukraine (up 3 points)
• 56% about a new COVID-19 variant (up 1 point)
• 50% about losing their jobs (up 4 points)

ECONOMY, PUBLIC PRESSURE MAKE ESG LESS OF A PRIORITY

Environmental, social and governance (ESG) efforts have slipped on corporate priority lists due to tougher economic conditions. That’s according to our annual sustainability survey of top-level executives in 16 countries with Google Cloud.

• ESG efforts fell from the top priority last year to third this year, with many business leaders claiming they were being pressured by “external parties” to de-prioritize sustainability.
• 45% of executives believe the current economic climate is regressing sustainability efforts.
• 85% of respondents acknowledge that customers want to engage with sustainable brands.
• Yet 78% are forced to achieve sustainability-based results with reduced budgets.
• 72% claim they wanted to advance sustainability initiatives but do not know how to do so – up from 65% in 2022.
• Corporate greenwashing is listed as a major concern, with 59% admitting to overstating – or inaccurately representing – their company’s sustainability activities.
• 9 in 10 organizations are talking publicly about sustainability commitments, but only 58% are moving programs into the implementation phase and even fewer (22%) are measuring against targets.
• 72% of respondents attend at least four sustainability-related meetings every quarter.
• 63% are willing to risk lower revenue in the short term to ensure sustainable development in the long term.

MILLENNIALS FINALLY ARE HOMEOWNERS, BUT IT’S A STRUGGLE

More Millennials finally own their homes than rent, a milestone that’s taken longer than previous generations. However, homeownership still feels out of reach for many, according to our survey with Fortune.

• 52% of Millennials owned a home by the end of 2022.
• Millennial renters have an appetite for homeownership, as 88% would like to own a home someday (versus 76% for all renters).
• 69% of Millennials feel priced out of the current real estate market.
• 56% of Millennial renters believe the dream of owning a home is dead. 
• 78% are worried about affording their living expenses (versus 63% for Boomers).
• 60% are worried about losing their job.

PETS OVER PARTNERS

Whose happiness is more important: your pet’s or your partner’s? If you’re a member of Gen Z, you’re more likely to say your pet’s happiness is paramount, according to our survey with Zillow.

• 60% of Gen Z think pet-friendly features are essential for the home they buy.
• A majority of Gen Z pet owners say it’s more important to have a pet-friendly home (55%) than a kid-friendly home (45%).
• 48% think a fenced backyard is a must-have, but they aren’t so concerned about having a double sink in the bathroom (28%), a home office for their partner (35%), a playroom for kids (24%) or an outdoor play set (11%).
• 73% of home buyers have at least one pet at home.
• 22% of Gen Z pet owners would want to move out of their current home if it was no longer working for their pet. That compares to only 12% who would want to move if their home was no longer working for their partner.
• In fact, 13% of pet owners who live with a significant other would rather share their primary bedroom with their pet than with their partner.

ICYMI

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

• 70% of U.S. hiring managers prefer reskilling to bringing in new workers
• What’s Worrying America’s Kids Survey
• The country is divided. Does your brand have to pick a side?
• How this new AR technology is putting MLB games into the hands of fans

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Mar. 31 – Apr. 2):

WORRIES ABOUT ECONOMY UP AGAIN

Today, 85% of Americans are concerned about the economy and inflation – up 2 points from last week and up from December’s 82% rate.

• 82% worry about U.S. crime rates (up 2 points)
• 81% about a potential U.S. recession (no change)
• 77% about political divisiveness (up 4 points)
• 72% about the War on Ukraine (down 2 points)
• 71% about affording my living expenses (up 3 points)
• 58% about a new COVID-19 variant (no change)
• 52% about losing their jobs (down 2 points)

YOUNG PEOPLE SPEND BIG ON CARS

Young people are spending as much as 20% of their budget on car expenses, and 25% of Americans who own a vehicle today worry that the price of fueling or charging will affect their ability to pay for other necessary goods or services. That’s according to our survey with NerdWallet.

• The average cost of car ownership in the U.S. rose 16% from 2019 to 2022, according to the U.S. Bureau of Transportation Statistics.
• Half of Americans (53%) say they plan to buy or lease a personal vehicle in the next 12 months. Of those potential buyers/leasers, 48% plan to buy/lease a used car, and 68% say they will buy/lease a new car – with some planning to buy/lease more than one vehicle.
• Overall, 43% of vehicle owners say $1,000 in monthly vehicle costs is too high.
• Yet 20% of Gen Z and 18% of Millennials are willing to spend more than $1,000 on a vehicle (compared with 6% for Gen X and 3% for Boomers).
• In actual spending, Gen Z and Millennial vehicle owners spend an average of $921 and $821 per month on their vehicles. Gen Xers spend $433 monthly, and Boomers spend $308.
• 35% of Gen Z vehicle owners say their vehicle expenses make up a significant portion of their monthly budgets.
• Parents also pay more for vehicles: Vehicle owners with children in their households spend an average of $792 per month, while those without kids spend an average of $430.

WOULD YOU BUY FROM THAT CHATBOT?

Five years ago, “conversational commerce” was the rage for online retail – with promises of widespread adoption of chatbots to place orders, resolve customer service issues and receive personalized product recommendations. Yet U.S. consumers resisted the idea, while at the same time wildly embracing generative AI. What does this mean for business? Stagwell’s National Research Group’s study on “Generative AI: A Lifeline for Conversational Commerce” takes a look at the future of digital shopping and key lessons for retailers.

• Fewer than half of Americans (47%) say they are willing to use conversational commerce to buy goods or services on social media platforms.
• Americans are most willing to buy products using conversational commerce on a social media platform from large retailers (50%), small retailers (43%) and sports brands (30%).
• The refusal of Americans to embrace conversational commerce is particularly stark when compared to the attitudes of Chinese shoppers. In China, more than 8 in 10 consumers are comfortable with the idea of buying from chatbots.
• At the same time, Americans are expressing a newfound openness to the idea of using AI-powered chat services. Among those who have heard of the concept of AI-powered search, for example, 71% say they’re excited to start using it.

ICYMI

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

• Employees Deeply Value Health and Well-Being
• Do cosmetics brands have personalities?
• Pharma’s reputation bucks downward trend and scales up driven by insulin price drops
• Stagwell’s AR platform signs Kansas City Royals to boost engagement for fans at games

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Mar. 24-26):

WORRIES ABOUT ECONOMY DECLINE

Today, 83% of Americans are concerned about the economy and inflation – down 2 points from last week and back near December’s 82% rate.

• 79% worry about a potential U.S. recession (no change)
• 78% about U.S. crime rates (down 3 points)
• 73% about political divisiveness (up 1 point)
• 71% about the War on Ukraine (down 1 point)
• 68% about affording their living expenses (down 2 points)
• 67% about a banking crisis (new)
• 66% about the solvency of U.S. banks (new)
• 59% about the security of deposits in banks (new)
• 55% about a new COVID-19 variant (down 3 points)
• 46% about losing their jobs (down 7 points)

INFLATION STILL TOP CONCERN; BANKING CRISIS IS NOT

While Americans remain concerned about inflation, they’re not worried about the recent banking crisis and are divided on the TikTok debate. That’s according to our latest poll with the Center for American Political Studies at Harvard University.

• 67% agree with the Biden administration’s decision to step in and guarantee all customer deposits from Silicon Valley Bank and other failed banks.
• 77% of voters think the government should fully insure deposits at all U.S. banks, not just systematically important firms.
• 71% think the bank failures will affect them “not at all” or “only a little bit.”
• 67% think the deposits in their own banks are safe.
• Americans care more about inflation than the banking crisis: 54% believe the Federal Reserve should prioritize fighting inflation even if it means allowing banks to fail and could lead to a financial crisis in the short term.
• 75% see China as an enemy of the U.S., and 80% think China seeks to replace the U.S. as the key player in global affairs.
• 55% of voters think Biden’s foreign policy is too weak on China.
• At the same time, 75% are split on how to handle TikTok: 45% support a ban in the U.S., while 46% support allowing the app with conditions, such as forcing it to undergo regular security reviews or forcing its Chinese owners to sell their stakes.

MANY AMERICANS STILL FEEL ‘WEALTHY’

Even as the average American household has seen purchasing power and wealth erode, many are still feeling at least somewhat “wealthy,” according to our poll with Fast Company.

• 68% of Americans define wealth as comfort and necessities, as opposed to extravagance and excess.
• 48% say wealth is the ability to comfortably afford necessities like food and shelter with some money left over.
• 20% indicate that being able to afford necessities alone defines wealth.
• 11% define wealth as being able to afford “extravagant purchases.”

40% WORRY AI WILL TAKE THEIR JOB

Generative AI continues to be the headline of 2023 – including in the work place – with 74% of  Americans having used the technology for work-related tasks yet 40% worried that the technology is going to replace them.

• The C-suite debate about ChatGPT is intense, with 56% of workers reporting their companies already have implemented discussions or restrictions about using ChatGPT.
• 38% say that the technology will make them more useful in the workplace.
• 42%, however, believe the new tool will make it harder for them to find a new job – with more than 7 in 10 believing AI will replace roles with a heavy focus on data entry and processing, media and communications, coding and even hiring. Roles expected to be replaced the most: data analysis (77%), data entry and processing (75%), media and communication (74%), content creation (73%), PR (72%), coding (71%), customer service (71%), administrative roles (71%) and hiring (71%).

1 IN 2 CAREGIVERS SUFFERING MENTALLY, FINANCIALLY

Caregivers today need support just as much as those they care for, according to our survey with CVS Health.

• 28% of Americans consider themselves to be caregivers – yet 41% say they never wanted to be a caregiver.
• 22% are not compensated for their time, with most taking care of children under the age of 18 (40%), aging parents (35%) or caring for a partner or spouse (21%).
• 47% said that being a caregiver is a financial burden, and 49% report their mental health suffers.
• 37% said they’ve had to quit their job or cut back on work hours due to caregiving responsibilities – especially younger caregivers (57% for Gen Z and young Millennials).
• Caregivers also are making sacrifices in their personal lives: 45% have spent less time participating in their hobbies, have seen their friends less (39%), are falling behind on managing their health (34%), rearranged their home to accommodate people they care for (29%) and have formed unhealthy lifestyle habits (28%).

ICYMI

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

• Physical and mental health, DEI and workplace flexibility revealed as top employee priorities
• Americans don’t assume moms will stay home with their kids, but the gender pay gap, motherhood penalty, and childcare crisis makes it hard for them to keep working
• 27% of Americans think texting while driving is socially acceptable
• Athletes Maria Sharapova, Allyson Felix and Spencer Dinwiddie Join Stagwell, United Airlines, Diageo, Penske Media Corporation and Axios at Cannes Lions 2023

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Mar. 17-19):

WORRIES ABOUT ECONOMY STEADY

Today, 85% of Americans are concerned about the economy and inflation – steady with last week and up from 82% rate in December.

• 81% worry about U.S. crime rates (up 1 point)
• 79% about a potential U.S. recession (down 1 point)
• 72% about the War on Ukraine (up 3 points)
• 72% about political divisiveness (down 2 points)
• 70% about affording their living expenses (no change)
• 58% about a new COVID-19 variant (up 3 points)
• 53% about losing their jobs (up 7 points)

62% OF EMPLOYEES WANT FLEXIBLE WORK HOURS; 47% OF COMPANIES OFFER THEM

Flexibility remains king for non-traditional benefits workers feel companies should offer, yet less than half of businesses do so. This is according to our survey with Express Employment Professionals.

• From an employee perspective, it is important that a company offers flexible work hours (62%), flexible work locations (51%), paid leave (48%) and shortened work weeks (36%).
• Yet less than half of hiring decision-makers report their companies do so: 47% say they offer flexible work hours, 40% flexible work locations, 48% paid leave and 23% shortened work weeks.
• Regarding traditional benefits, 54% of U.S. hiring managers say offerings will remain the same as they were in 2022, and 37% expect traditional benefits will increase this year – a significant drop since the first half of 2022, when 50% were talking about traditional benefit increases.

WOMEN KEEP CANNABIS USE QUIET

Many American women are using cannabis but are keeping it quiet, according to our survey with MedMen.

• 37% of American women 21+  use cannabis regularly, with 28% using it at least once a month.
• Younger women are more than twice as likely to use cannabis (ages 21-44: 57%)  than older women (ages 45+: 22%).
• Women say they primarily use cannabis for therapeutic reasons, such as relieving anxiety (60%), helping to sleep (58%) and relieving pain (53%).
• Nearly two thirds of women who use cannabis (65%) say there are people in their life who still do not know, including their parents (26%), children (22%) and coworkers (21%).

WOMEN ALSO DEMAND MORE RESPECT

Women believe society expects too much from them and does not respect them enough, according to further insights from our State of Women Report 2023 with theSkimm.

• Released during Women’s History Month, the report investigates and surfaces how women see the work they do, both in their careers and in the home, and how society perceives that work.
• 74% say that “society treats women like second-class citizens” and the “deck is stacked against women.”
• 79% say “I am concerned with the social expectations around unpaid labor/mental load that women are responsible for.”
• 65% say “new legislation and policies that are being passed do not advance women’s rights.”
• 89% are planning to redesign their lives the way they want to.
• 87% have or want to create more sources of financial stability, with 60% adding a side hustle, shifting to a higher-earning career or advocating for a promotion.
• 65% (74% among Black women) have become involved, or plan to, in national politics.

ICYMI

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

• Americans want weight loss drugs like Ozempic to be covered by insurance. Most of the time, they aren’t.
• More Than 1 in 5 U.S. Adults Have Considered Leaving Their Job In the Last Year to be Self-Employed
• More American women are single than ever before—and it’s costing them big money
• What’s on the Easter table and in the basket? Instacart reveals the most popular ‘eats and treats’

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking (fielded Feb. 17-19):

WORRIES ABOUT ECONOMY MODERATE:

Today, 87% of Americans are concerned about the economy and inflation – down 3 points from last week and up from 82% in December.

• 80% worry about U.S. crime rates (down 4 points)
• 80% about a potential U.S. recession (down 2 points)
• 73% about political divisiveness (down 2 points)
• 72% about the War on Ukraine (no change)
• 68% about affording their living expenses (down 7 points)
• 55% about a new COVID-19 variant (no change)
• 46% about losing their jobs (down 1 point)

WORK FROM HOME BUT INTERVIEW IRL

A recent Harris Poll found that 41% of Americans are likely to consider pursuing a new job within the next six months. In our latest survey with American Staffing Association, remote employees like working from home, yet they want to meet their new boss face-to-face first.

• 70% of job seekers say they want to interview in person for a new job rather than a video (17%) or phone call (9%).
• 67% say they feel the need to modify their usual appearances in some way before a job interview.
• Before an interview, more Black Americans feel the need to shave their facial hair (33% versus 22% for White Americans), while both Hispanic (19%) and Black Americans (17%) also feel the need to cover tattoos (White 10%) and remove facial piercings (18% for Hispanic, 14% for Black and 9% for White).

COMMUNICATING MORE BUT NOT BETTER:

Today’s hybrid workplace is a whirlwind of communication – with employees spending more than 70% of their work week communicating on various channels. That’s up from last year – yet poor communications also is causing a steep decline in productivity and effectiveness, according to our “State of Business Communication: The Path to Productivity, Performance, and Profit” report with Grammarly.

• Employees are spending 9% more time communicating – 28.8 hours a week – compared with last year.
• Leaders report a 12% drop in the effectiveness of written communication over the same period and a 15% decline in productivity.
• This is causing employee stress – with workers reporting a 7% increase in stress due to poor communications compared with a year ago.
• 84% of business leaders are feeling the downsides of poor communication, with lower productivity, missed deadlines and increased costs ranking as the top three.
• Most leaders (60%) and nearly half (45%) of workers say personal connections have suffered in the hybrid workplace.
• 68% of leaders say they lost at least $10,000 or more in business in the past year due to poor communications. One in five also say poor communications eroded their brand credibility or reputation.

DOCTORS DON’T HAVE TIME FOR YOUR DATA

As patient portals become more common and telehealth data pours in from apps and wearables, doctors have more data than time, according to our survey with ZS.

• 71% of primary care physicians say they have more data than they can handle.
• The patient data problem is compounded by the fact that 57% of doctors report that technology flaws are a barrier to having better-connected health care.
• 86% of primary care physicians say that a lack of reimbursement for connecting health care is a hurdle.

ICYMI:

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

• February Harvard CAPS-Harris Poll: Perception of economy is improving but only a third believe it is on the right track
• All Generations Find Telehealth Beneficial, New CVS Health Data Shows
• Almost Two-Thirds of U.S. Doctors, Nurses Feel Burnt Out at Work
• Streamer ads performed well during the Super Bowl

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.