WHAT THE DATA SAY: 6 in 10 Americans 'triggered' over grocery store prices

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:

RED, RURAL AND RENTING = ☹

Republicans, rural residents, renters, women and singles are the most unhappy Americans financially, according to our Harris Poll survey with Axios.

• While inflation dipped in recent months, it remains top of mind for Americans – with 6 in 10 saying they are “triggered” by trips to the grocery store.
• 37% of Americans rate their financial situation as poor – 42% for Republicans, 43% for women, 46% for rural residents, 47% for singles and 57% for renters.
• In comparison, 32% of respondents in relationships and 28% of Democrats say their financial situation is poor.
• 25% of Americans say they’re falling behind financially, compared with 30% of women and Republicans, 33% of rural residents and 36% of renters.
• 41% of Americans say their finances are worse today than they would have predicted if asked pre-COVID to imagine the future. That climbs to 51% for renters, 53% for rural residents and 55% for Republicans.
• Grocery purchases (72%) are the top way Americans say they feel inflation in their daily lives, followed by gas prices (56%).
• 88% say “gas, groceries and housing costs – not stocks – are the real economic indicators I care about.”
• 76% – climbing to 82% of Republican and Hispanic respondents – believe “economists say things are getting better, but we’re not feeling it where I live.”

HIRING BOOST IN NEXT 6 MONTHS

Employers are ringing in the new year with an optimistic hiring outlook and plan to increase their employee count in the first half of 2024, according to our Harris Poll survey with Express Employment Professionals.

• 79% of U.S. hiring managers feel positive about employment opportunities at their companies this year.
• 63% say their company plans to increase the number of employees through June 30 – continuing a positive trajectory now reaching its highest point since the survey began in 2020.
• The need for hiring stems from increased work volume (51%), filling newly created positions (45%) and employee turnover (43%).
• Some companies are looking for ways to avoid hiring, such as training and promoting from within. In fact, 71% of hiring managers say they would prefer to reskill current employees for new roles than hire new.

QUIET QUITTING TURNS INTO QUIET SHOPPING

Young professional women are taking quiet quitting to the next level with “quiet shopping,” according to our Harris Poll survey with Rakuten.

• Nearly 30% of women say they find themselves shopping online between 1 and 5 p.m. – in the middle of the workday.
• 41% of Gen Z women admit to quiet shopping, compared with 24% of Millennial women and 23% of Gen X women.
• Social media has played a part in accelerating quiet shopping, especially TikTok Shop and Instagram Shopping.
• Finding shopping recommendations online is top of mind for 30% percent of women overall – 40% for Gen Z women, 34% for Millennial women and 23% for Gen X women.

VIEWS FROM CES

Several of our Stagwell experts and leaders have been on the ground this week at CES in Las Vegas. Check out their insights:

• Harris Poll Live From The Floor At CES 2024
• Stagwell launches SmartAssets AI tool at CES
• Stagwell Content Studios talks with leaders about trends at CES 

ICYMI

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

• U.S. EV sales fell short of predictions in 2023. Elon Musk and range anxiety could be to blame, according to a new poll
• Companies rush to define DEI
• Walgreens leaders make 10 healthcare industry predictions for 2024
• NFL Digital Broadcast Rights Likely to Create Winners and Losers