For the first time since 2011, we are seeing a noticeable uptick in consumer sentiment and outlook for overall spending. While this is good news for retailers, some product categories will fare better than others and the hourglass economy is reshaping consumer spending patterns. These are just some of the findings in L.E.K. Consulting’s 11th Consumer Sentiment Survey.
The survey, conducted in the summer of 2014, surveyed 1,300 U.S. consumers across all major demographic groups to assess their attitudes toward the economy, personal finances and expectations for purchases across 17 categories of spending. Their responses offer a markedly positive outlook for personal finances.
While millennials lead the pack in the evolution of internet shopping—making up 31% of the U.S. adult population—unbalanced spending still exists across different income groups. With this in mind, retailers will need to study the trends and cater to specific markets while creating new, engaging experiences for shoppers who increase their online and mobile shopping activity.