The US: Consumer Profile

June 2023

Through to 2040, the US demographic profile is expected to tilt towards childless households, influenced by low birth rates and an ageing population. The US is set to remain the global leader in terms of luxury spending, yet widening income inequality is set to add to a larger lower-income class. Sun Belt states, buoyed by solid economies and affordable living, will attract both domestic and foreign migrants, while cities like Chicago see stalling population growth due to high living expenses.

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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 The 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 The US report answers:

  • How consumers in The US are changing? 
  • What are key changes in The US population, society and generational structure and how it is affecting businesses?
  • What is the household structure in The US and how it is changing consumer landscape?
  • What are key income groups in The US? What is the outlook for the future?
  • Where consumers are  spending the money in The US? 
  • How is the consumer mindset in The US changing?
  • In The US, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in The US?
Download Table of Contents
Scope
Key drivers affecting consumers in the US in 2022
How developments today shape the consumer of tomorrow
Key findings
Today 2022: The growing population of later lifers and seniors
Immigrant influx crucial for population growth as birth rates remain low
Social media shopping set to gain importance among younger generations
Tomorrow 2040: Rising life expectancy and low birth rates amplify older population growth
Generation Z to emerge as the most prevalent cohort by 2040
Sun Belt lures working-age population amid cost-of-living concerns
Areas of opportunity
Amazon Inspire enables consumers to shop in a social media format
Today 2022: More American households opt for child-free living
Multigenerational living surpasses global average, leading to more people per household
Safe location, outdoor space drive suburban living's appeal in the US
Tomorrow 2040: Rise of single seniors coincides with decrease in families with children
Female-led households to dominate by 2040
Government investments to accelerate internet access in small towns and rural areas
Areas of opportunity
Case Study: Singleton-focused Airbnb feature ensures safe solo travel experiences
Today 2022: Growing income and stronger spending in higher income bands
Credit card-reliant consumers under pressure as interest rates rise
Essential categories drive majority of planned spending increase in the US
Tomorrow 2040: Lower-income class nearly equals middle class in size
Continued prosperity for top income segment, widening income gap
Sustained investments propel faster income growth in lowest-earning areas
Areas of opportunity
Case study: Coterie redefines senior living with its luxury offerings
Key findings consumer survey
Younger generations embrace positive perspective on future
Millennials perceive greater vulnerability amid economic uncertainty
US consumers display lower climate change concern compared to global peers
More Americans are focusing on work-life balance, yet salary concerns remain dominant
Second-hand shopping gains popularity among cost-conscious American shoppers
Case study: H&M expands into second-hand market with new resale initiative
Areas of opportunity
Key takeaways
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