They\u2019re concerned about their investments, increasing prices, and even how they\u2019ll prepare for the golden years of retirement. <\/span>\u00a0<\/span><\/p>\n But what are consumers\u2019 financial priorities as they\u2019re entering this strange phase of uncertainty? Is there any way that brands can react to serve consumers\u2019 evolving needs while ensuring their own stability?<\/span>\u00a0<\/span><\/p>\n In this blog, we\u2019ll address <\/span>three financial areas that consumers have told us they\u2019re prioritizing as 2022 <\/span><\/strong>enters its final quarter.<\/span>\u00a0<\/span><\/p>\n All of this data comes directly from our proprietary communities with supplemental information from third parties to reinforce our findings. Our first-party studies were conducted by our in-house team of elite market researchers.\u00a0<\/span>\u00a0<\/span><\/p>\n Here\u2019s what we discovered.\u00a0<\/span>\u00a0<\/span><\/p>\n According to our latest research,<\/span> 73% of consumers aged 18-40 say they\u2019re preparing to be financially secure for the future.\u00a0<\/span><\/strong>\u00a0<\/span><\/p>\n While this may not sound like an earthshattering idea,\u00a0it\u00a0implies a more forward-thinking consumer as opposed to an in-the-moment consumer.\u00a0<\/span>\u00a0<\/span><\/p>\n This ideology makes sense when paired with financial information from other sources as well. <\/span>According to a publication from PYMNTS on August 1, 2022<\/span><\/a>, the average savings among all consumers dropped 8% and 40% of all consumers say they\u2019re living paycheck-to-paycheck.\u00a0<\/span>\u00a0<\/span><\/p>\n Considering these circumstances (among other findings), it\u2019s easy to see that many consumers feel they\u2019re in a position where they need to start focusing on future financial security, as opposed to freely spending as they may have done previously.\u00a0<\/span>\u00a0<\/span><\/p>\n The stage is set in mid-2022 for consumers to begin thinking almost like they\u2019re in a recession. CNBC reports that <\/span>consumer preoccupation with recession is so high<\/span><\/a> that it\u2019s already impacting the way that they\u2019re spending. Again, this point is consistent with what we\u2019re seeing in terms of consumers feeling the need to financially prepare for the future while striving to \u201cget by\u201d today.\u00a0<\/span>\u00a0<\/span><\/p>\n Overall, this change marks a strong departure in consumer mentality from previous months and years. In fact, according to our historical data, fewer consumers feel confident in their finances in general since 2022 started. <\/span>\u00a0<\/span><\/p>\n In Q1, 64% said they were optimistic about their financial situation for the end of 2022, while only 51% say they feel optimistic in Q3. <\/span>\u00a0<\/span><\/p>\n Consumers are feeling the pinch of today’s financial ecosystem \u2014 a fact that\u2019s underlined even more by the second major change in consumer financial thinking.\u00a0<\/span>\u00a0<\/span><\/p>\n Next, our study revealed that <\/span>67% of consumers aged 18-40 are researching how they can better take control of their financial lives.\u00a0<\/span><\/strong>\u00a0<\/span><\/p>\n While this does not necessarily mean consumers feel \u201cout of control,\u201d it certainly reflects the idea that consumers wish they had a greater hold on their finances than they feel they currently do.\u00a0<\/span>\u00a0<\/span><\/p>\n This is consistent with what other organizations are seeing as well. According to a CNBC article updated on August 2, 2022, <\/span>77% of Americans feel anxious about their financial situation<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n Based on this data point alone, it\u2019s no wonder why such a large swathe of today\u2019s consumers are making the effort to learn how they can better control their financial lives. Anxiety, after all, is a common emotion that accompanies feeling like someone is out of control.\u00a0<\/span>\u00a0<\/span><\/p>\n This all plays into the primary motivations surrounding consumer mentality about finance. As we discovered, even as consumers prepare to educate themselves and seize control of their finances, they\u2019re also ready to change.\u00a0<\/span>\u00a0<\/span><\/p>\n We discovered in our study that <\/span>60% of consumers aged 18-40 say they\u2019re concerned about their futures and plan to change how they approach financial stability for the future.\u00a0<\/span><\/strong>\u00a0<\/span><\/p>\n This underlying feeling of concern is the engine behind the previous two changes that we\u2019ve discussed. It\u2019s also an indication that consumers don\u2019t intend to take these feelings of concern lightly \u2014 instead, they\u2019re actively doing something about it by making changes.\u00a0<\/span>\u00a0<\/span><\/p>\n SMG has some areas to spotlight<\/span><\/a> when it comes to specific changes in consumer finance.\u00a0<\/span>\u00a0<\/span><\/p>\n According to their own research, 59% of consumers plan to reduce the quantity of times they eat out at restaurants, 47% plan to reduce their retail spending, and 27% plan to delay purchases totaling more than $300.\u00a0<\/span>\u00a0<\/span><\/p>\n These individual tactics also lend credence to all three changes we discovered consumers plan to make. The overall reduction in spending shows that consumers are, in fact, reducing their non-essential expenses.\u00a0<\/span>\u00a0<\/span><\/p>\n But this doesn\u2019t necessarily mean that they\u2019re saving \u2014 even if they make saving a priority.\u00a0<\/span>\u00a0<\/span><\/p>\n In July, inflation and rising prices had consumers tapping their savings more than any other time in 2022, <\/span>according to Magnify Money<\/span><\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n This data point begs a compelling question: If consumers are ready to pivot, spending less, but not saving \u2014 then where is their money going?\u00a0<\/span>\u00a0<\/span><\/p>\n One answer is food. Grocery prices have struck a 40-year high, <\/span>according to NBC News<\/span><\/a>, with grocery prices increasing about 10% in May alone.\u00a0<\/span>\u00a0<\/span><\/p>\n BusinessWire reports<\/span><\/a> that the average rent has also increased nationwide by about 13% to an average of $2,495 per month.\u00a0<\/span>\u00a0<\/span><\/p>\n Another possibility is utilities. For example, the <\/span>Pennsylvania Public Utility Commission issued a warning to consumers in May<\/span><\/a> that their electric rates alone could increase by as much as 45%.\u00a0<\/span>\u00a0<\/span><\/p>\n With all of this in mind, consumers\u2019 sense of preparedness may come from a desire to save \u2014 but the money itself may be going to necessities.\u00a0<\/span>\u00a0<\/span><\/p>\n This brings us to our final question \u2014 what can your brand do?<\/span>\u00a0<\/span><\/p>\n When it comes to engaging your consumers in the face of their financial challenges, it\u2019s not possible to give a specific, tactical answer that\u2019ll work for every industry \u2014 let alone every business.\u00a0<\/span>\u00a0<\/span><\/p>\n Instead, the best answer is to learn more about your own customers so you can discover how they\u2019re feeling, acting, and spending.\u00a0<\/span>\u00a0<\/span><\/p>\n Fortunately, that\u2019s easier than it sounds.\u00a0<\/span>\u00a0<\/span><\/p>\n You can discover all of that through <\/span>foundational market research<\/span><\/a>. The results of that research will give you insight and direction into how your consumers have changed and may change in the future.\u00a0<\/span>\u00a0<\/span><\/p>\n Then, you know what you can do to pivot as a business to meet their changing circumstances.\u00a0<\/span>\u00a0<\/span><\/p>\n Do you want to learn more about how consumers are feeling in Q3 2022?\u00a0<\/span>\u00a0<\/span><\/p>\n We have your answers right here.\u00a0<\/span>Click the button below to download our full Q3 consumer sentiment study report.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" In 2022, inflation is on the mind of every consumer \u2014 especially those who are starting their careers or beginning to look toward retirement.\u00a0\u00a0 They\u2019re concerned about their investments, increasing prices, and even how they\u2019ll prepare for the golden years of retirement. \u00a0 But what are consumers\u2019 financial priorities as they\u2019re entering this strange phase of uncertainty? Is there any way that brands can react to serve consumers\u2019 evolving needs while ensuring their own stability?\u00a0 In this blog, we\u2019ll address three financial areas that consumers have told us they\u2019re prioritizing as 2022 enters its final quarter.\u00a0 All of this data comes directly from our proprietary communities with supplemental information from third parties to reinforce our findings. Our first-party studies were conducted by our in-house team of elite market researchers.\u00a0\u00a0 Here\u2019s what we discovered.\u00a0\u00a0 Change 1. Prepping for the Future\u00a0\u00a0 According to our latest research, 73% of consumers aged 18-40 say they\u2019re preparing to be financially secure for the future.\u00a0\u00a0 While this may not sound like an earthshattering idea,\u00a0it\u00a0implies a more forward-thinking consumer as opposed to an in-the-moment consumer.\u00a0\u00a0 This ideology makes sense when paired with financial information from other sources as well. According to a publication from PYMNTS on August […]<\/p>\n","protected":false},"author":2,"featured_media":18348,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":" In 2022, <\/span>inflation is on the mind of every consumer<\/span><\/a> \u2014 especially those who are starting their careers or beginning to look toward retirement. <\/span> <\/span><\/p> <\/span><\/p> They\u2019re concerned about their investments, increasing prices, and even how they\u2019ll prepare for the golden years of retirement. <\/span> <\/span><\/p> But what are consumers\u2019 financial priorities as they\u2019re entering this strange phase of uncertainty? Is there any way that brands can react to serve consumers\u2019 evolving needs while ensuring their own stability?<\/span> <\/span><\/p> In this blog, we\u2019ll address <\/span>three financial areas that consumers have told us they\u2019re prioritizing as 2022 <\/span><\/strong>enters its final quarter.<\/span> <\/span><\/p> All of this data comes directly from our proprietary communities with supplemental information from third parties to reinforce our findings. Our first-party studies were conducted by our in-house team of elite market researchers. <\/span> <\/span><\/p> Here\u2019s what we discovered. <\/span> <\/span><\/p> According to our latest research,<\/span> 73% of consumers aged 18-40 say they\u2019re preparing to be financially secure for the future. <\/span><\/strong> <\/span><\/p> While this may not sound like an earthshattering idea, it implies a more forward-thinking consumer as opposed to an in-the-moment consumer. <\/span> <\/span><\/p> This ideology makes sense when paired with financial information from other sources as well. <\/span>According to a publication from PYMNTS on August 1, 2022<\/span><\/a>, the average savings among all consumers dropped 8% and 40% of all consumers say they\u2019re living paycheck-to-paycheck. <\/span> <\/span><\/p> Considering these circumstances (among other findings), it\u2019s easy to see that many consumers feel they\u2019re in a position where they need to start focusing on future financial security, as opposed to freely spending as they may have done previously. <\/span> <\/span><\/p> Change 1. Prepping for the Future\u00a0<\/span>\u00a0<\/span><\/h2>\n
![\"01-prepping-for-the-future\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/01-prepping-for-the-future.jpg\")
<\/span><\/p>\nChange 2. Seeking Stability<\/span>\u00a0<\/span><\/h2>\n
![\"02-seeking-stability\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/02-seeking-stability.jpg\")
<\/span><\/p>\nChange 3. Preparing to Pivot<\/span>\u00a0<\/span><\/h2>\n
![\"03-preparing-to-pivot\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/03-preparing-to-pivot.jpg\")
<\/span><\/p>\nHow Can Your Brand Engage Consumers?<\/span>\u00a0<\/span><\/h2>\n
Get Your Full Q3 Consumer Sentiment Study Report<\/span>\u00a0<\/span><\/h2>\n
Change 1. Prepping for the Future <\/span> <\/span><\/h2>
<\/span><\/p>