WHAT THE DATA SAY: 61% ready to use AI to plan the next vacation; 81% unsure whether to trust the advice

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