With the new year now just days away, Americans face many questions heading into 2024 surrounding uncertainty around interest rates, mounting debt, and the looming presidential election. How are consumers’ changing attitudes looking to play out in their views on the economy, purchasing decisions, media habits, and lifestyle?
CivicScience examined our database of 4 million daily survey responses to predict what might be in store for people, markets, and the economy. Here are just three insights from the “2024 Predictions and Trends to Watch” webinar hosted by CivicScience CEO John Dick. Start here to gain access to the full free webinar.
1. Pessimistic income outlook drives consumers to prioritize travel and home improvement spending.
Despite robust holiday spending, debt is a growing concern, fueled by accumulating medical debt, the resumption of student loan payments, and use of buy now, pay later services. According to CivicScience data, Americans are more than twice as likely to anticipate having less disposable income (38%) in 2024 than more (18%), while a plurality (44%) foresee having the same amount as in 2023.
Amidst these expectations, consumers already have an idea of their spending priorities for the new year. For instance, 18% of U.S. adults say they will increase how much they spend on travel and home improvement. On the other hand, 1-in-5 of respondents report they will cut back on fashion and apparel, with entertainment following close behind at 15%.
To unlock the full consumer spending outlook data, click here.
Join the Discussion: As we approach the new year, how would you describe your personal outlook for 2024?
2. While cord-cutting continues to rise, current streamers look to cut back on how much they spend.
Ongoing CivicScience tracking finds the percentage of Americans who say they’ve cut the cord on cable and satellite has continued to rise steadily YoY, now standing at 56% – a five percentage point increase from 2022.
That said, as consumers de-prioritize entertainment from budgets, those who are currently streamers are also looking to cut back how much they spend on their subscriptions. So far in Q4 of 2023, nearly 7-in-10 streaming service subscribers say they have either reduced or plan to scale back on streaming subscriptions due to rising prices, continuing a trend of gradual increase since Q1 of 2023. Ads-based plans and bundle packages could provide a means for doing so.
3. Streaming TV viewers will significantly outnumber traditional live TV viewers ahead of the 2024 election.
Turning to perhaps the biggest storyline ahead in 2024: the presidential election. With primary season now less than a month away, many avenues will become battlegrounds for voters’ attention. As instances of cord-cutting have gone up, CivicScience data show 2024 looks to be the first presidential election in which the plurality of consumers report watching via online streaming. More than 2-in-5 consumers now say they primarily watch TV through online streaming, outpacing live TV viewers by 11 points.
For more forward-looking data – including additional 2024 election insights, Ozempic usage, emotional and financial well-being, and much more – click here to access the webinar.
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