Data
WHAT THE DATA SAY: Americans view retirement today much differently from their parents
By: Ray Day
CONTACT:
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.
Related
Articles
In the News, Talent & Awards
Mar 23, 2024
Meet the New Class of Female Leaders at Stagwell
Stagwell kicks off a new series spotlighting the newest female…In the News, Press Releases, Talent & Awards
Mar 11, 2024