Are U.S. consumers optimistic or pessimistic about the future? What do they think about AI tools? And are they leaning Democrat or Republican for the 2024 presidential election? Leger’s latest North American Tracker has the answers.
Sentiment is a primary driver when it comes to U.S. consumers’ behavior. Leger’s North American Tracker provides a pulse check on U.S. consumers’ overall perspectives on their lives, health, finances, and current events. This edition explores their perspectives on AI (artificial intelligence) tools and the 2024 presidential election.
So, what do the findings reveal? From a research perspective, Ervin Murga, Research Director, noted, “When we last published our results in 2022, inflation was hitting an all-time high, consumers were going through a rollercoaster ride with gas prices, and the COVID pandemic was getting closer to its final chapter. For the past few months this has become the norm, but the outlook is largely positive as most Americans feel 2023 will be the same or better than 2022, with consumer sentiment higher in Q1.
Early in 2023, consumers are facing even more challenges. Higher inflation/interest rates/prices and economic recession are the top 2 greatest worries for 2023. Consumers have also had to face the repercussions of cryptocurrency as some banks face hardships while understanding the pros and cons of the newest wave of artificial intelligence through Chat GPT, Jenni AI, and other platforms. And then there’s the 2024 presidential election as candidates start their campaigns. With so much going on and many things changing, it’s important to keep a pulse on our consumers.”
About the Study
Leger’s North American Tracker is a monthly quantitative survey of 1,000+ U.S. (and Canadian) consumers aged 18 or over. Our team of market researchers evaluates and analyzes the data from the North American Tracker to reveal the most current consumer sentiments and behaviors.
When considering your strategies for 2023, it is important to take overall consumer sentiment into account, as it will influence how and where consumers spend their money, especially during times when they need to tighten their budgets and consider what is most important.
Consumer Sentiment Highlights: The Future Is Mostly Bright
In Q1 2023, U.S. consumers’ overall optimism persists, as does optimism with their mental and physical health. However, personal finances bring about less optimism, especially for lower-income groups, which makes sense given recent inflation and rising interest rates and prices.
- In December 2022, 71% of consumers felt 2023 would be the same (35%) or better (36%) than 2022. In mid-March 2023, 63% are optimistic about their life.
- 69% of consumers are optimistic about their mental health, and 63% are optimistic about their physical health. However, younger adults are significantly less optimistic about both.
- 54% of consumers currently feel optimistic about their finances, although lower-income groups are significantly more pessimistic than higher-income groups.
Artificial Intelligence Highlights: Perspectives on AI Tools
Consumers Need Education on AI Tools, Trust Is Also a Factor
With the explosion of Chat GPT and other AI tools that can do anything from paint a picture to write a resume, AI is becoming further entrenched into consumers’ daily lives. Our research uncovered that consumers need to be educated about this topic, as familiarity and usage is low. Furthermore, opinions on and trust in AI tools are mixed.
- 21% of consumers say they have used an AI tool.
- 43% of consumers aren’t sure whether AI tools are good or bad for society, 32% think they are good, and 25% think they are bad.
- Consumers are most likely to trust AI tools with completing tasks at home (like adjusting the thermostat or playing music) and least likely to trust them with teaching their children or finding a life partner online.
- 73% of consumers worry AI tools are susceptible to fraud/hacking, 72% worry they threaten human jobs, and 68% worry they lack the emotion/empathy required to make good decisions.
2024 Presidential Election Highlights: Similar Proportions Leaning Republican and Democrat
Many Plan to Vote in 2024, But Trust in the System Is Mixed
As the U.S. prepares for the 2024 election and the list of potential candidates grows, more than three-quarters of U.S. consumers plan to vote. While anything can happen between now and election day, perceptions of trust may also come into play, as some don’t trust the voting system.
- In the 2024 presidential election, 35% of consumers plan to vote Democrat, 31% plan to vote Republican, and 12% plan to vote for an independent candidate.
- There are still some who do not trust U.S. election results: 57% of consumers say they generally trust the results, while 30% do not (with the distrust driven primarily by past Trump voters).
Interested in Designing Your Own Consumer Sentiment Study?
Consumer sentiment can change on a dime, which is why keeping up with your target consumers’ perceptions and priorities is key for building your strategy. We can help! Our team of market research experts can help you stay connected to trends in your category, maintain awareness of your target consumers, and understand how sentiment is shifting over time.
Contact us at solutions@leger360.com to talk about designing your own consumer sentiment study!