Just under half, 42%, of consumers are prioritizing spending on experiences rather than possessions and nearly half, 49%, are confident their financial situation will get better in 2024.
Those are top findings from a
The research surveyed 14,500 consumers across
Optimism is particularly high among Millennials and Generation Z, with 57% of each group expressing confidence in their near-term financial future. When it comes to discretionary spend, the research indicated a growing proportion of consumers are prioritizing in-home entertainment (23%) more than before, with nearly a third saying they will spend less on clothing (32%).
More consumers are turning to budgeting tools and apps for assistance and the apps are primarily used to plan how to save as well as how to balance various expenditures and how to better manage discretionary spending. More than half, 55%, already use these apps, and 38% plan to increase their reliance on them in 2024.
"Consumers will prioritize discretionary spend on goods and experiences that bring them joy. This is a consistent trend that is clearly supported by our research. For businesses, large or small, to capitalise on this, it means making every experience, and every transaction count. By offering a frictionless checkout experience, businesses increase customer experience and loyalty,"
Copyright © 2023 Networld Media. All rights reserved., source