US: Consumer Profile

July 2024

Over the period to 2040, the US is set to see an increase in childless households, due to a low birth rate and an ageing population. Increased immigration and rising incomes are expected to drive economic growth and consumption. The US will remain the world’s largest luxury market, despite widening income inequality. The southern states, with robust economies and affordable living, are set to attract domestic and international migrants, boosting population growth.

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Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.

The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in US report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in US report answers:

  • How consumers in US are changing
  • What are key changes in US population, society and generational structure and how it is affecting businesses?
  • What is the household structure in US and how it is changing consumer landscape?
  • What are key income groups in US? What is the outlook for the future?
  • Where consumers are  spending the money in US? 
  • How is the consumer mindset in US changing?
  • In US, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in US?
Download Table of Contents
Scope
Key findings
Key drivers affecting consumers in the US in 2023
How developments today shape consumer of tomorrow
Today 2023: Population growth driven primarily by an influx of immigrants
With a sustained immigrant influx, the US to become a majority-minority country by 2045
The rising prevalence of chronic diseases drives consumers to focus on vitamin supplements
Tomorrow 2040: Increasing life expectancy and low birth rate drive older population growth
Gen Z to emerge as a large and highly diverse consumer group by 2040
New York to remain the largest city, while the southern population is set to grow the fastest
Opportunities for growth
GameFlo unveils engaging card game, featuring players from diverse backgrounds
Today 2023: Couples with children lead spending per household, but become less common
Singletons continue to dominate, while immigration boost multigenerational living
Owning a house in a safe, suburban area is a top priority for American households
Tomorrow 2040: Declining household sizes and rising incomes increase per person spending
Seniors and women to remain the key decision-makers in US households
Streaming platform usage on the rise in the US as consumers spend more time at home
Opportunities for growth
Rocket Homes launches AI-driven Apple CarPlay feature to boost homeownership
Today 2023: Strong labour market ensured real income growth during economic uncertainty
Even with lower inflation, permanently higher prices drive consumer cost-consciousness
High levels of debt lead to financial worries, but Millennials still lead in spending intentions
Tomorrow 2040: Rising incomes and affordability boost discretionary spending in Dallas
Seniors lead the top income bracket due to smart financial planning and accumulated wealth
Healthcare leads consumer spending, unlike other developed counties with public healthcare
Opportunities for growth
Nuuly, a clothing rental service for younger, less affluent consumers, becomes profitable
Key findings consumer survey
Superior taste drives Baby Boomers to pay more, while Gen Z prioritises health benefits
Bargain hunting helps US consumers maintain their spending even at times of uncertainty
Younger US consumers lag behind their older counterparts in eco-friendly activities
High financial dependency among young adults amplifies consumer financial concerns
Work-life balance suffers in the US due to career-focused culture
Opportunities for growth
DS Smith introduces Shop.able carriers to enhance sustainable packaging affordability
Key findings
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