Majority of US consumers are confident about the year ahead

An increasing number of American consumers believe the economy will return to some form of normality this year and, after many saved up money during the difficult year of 2020, they are ready to start spending again.

Why it matters

This is according to research firm Nielsen, whose Total Audience Report describes the trend as an “open invitation for brands”.

Key findings

• More than half (55%) of American adults aged 18 and over believe they can get back to their normal routines in 2021. However, men are noticeably more optimistic than women (63% versus 49%) about what the year has in store.
• Elsewhere, as of February 2021, consumers aged 35 to 49 are the most optimistic (62%), followed by those aged 18 to 34 (56%), falling to just 49% of consumers aged 50 and over.
• Almost two-thirds (63%) of Hispanic consumers are optimistic, along with 61% of African-Americans, but White and Asian-Americans are more circumspect (55% each).
• The normal activities that American adults want most are being able to attend a religious service in person (75%), visiting a hairdresser (74%) and booking a vacation (73%), including 67% who say they would be ready to fly in the next three months.
• Between 40% and 45% of employed 18- to 49-year-olds say they were able to save more of their income last year and, with COVID restrictions easing, 40% of all adults say they’ll be looking to buy a new or used vehicle, while a fifth (20%) intend to buy a new home in the next 12 months.

Key quote

“It will take some time for all consumers to feel comfortable away from their homes, but the tides are beginning to turn. Improving optimism, sentiment and purchasing intent are clear indicators for marketers to assess whether their campaigns reflect consumer mindsets – mindsets that appear increasingly ready and willing to get back to normal” – Nielsen Total Audience Report.

Sourced from Nielsen