CivicScience continually tracks current and anticipated consumer trends. Here are three key insights marketers should know this week. All insights are derived from the CivicScience Social | Political | Economic | Cultural (SPEC) Report, a weekly report available to clients covering the latest news and insights. Start here to learn more.
1. One in two Americans approve of Colorado’s decision to remove former President Trump from the 2024 ballot.
As the Iowa caucuses near, some states are debating whether former President Donald Trump is eligible to appear on their Republican primary ballots. The Colorado Supreme Court sent shockwaves last month, ruling Trump ineligible to compete in the state’s Republican primary race due to his alleged involvement in the capitol riots in 2021 – a move Maine has since replicated.
CivicScience polling following the decision finds half of U.S adults say they approve (with 42% ‘strongly’ approving) of the Colorado Supreme Court’s ruling, compared with 40% who disapprove. Trump has been temporarily reinstated on the Colorado ballot while awaiting word from the U.S. Supreme Court.
Approval of the decision falls along predictable partisan lines as 84% of Democrats support the ruling compared to 73% of Republicans opposed to the ruling. Support is highest among Gen Z adults (58%) and Baby Boomers (55%), and significantly lower among Gen Xers, only 35% of whom say they approve of the Court’s decision. There is also a correlation between support and social media use – Americans who use social media daily are nearly 10 percentage points more likely than average to say they approve of the Colorado Supreme Court’s decision.
Want to see many more in-depth consumer political insights as the 2024 presidential election approaches? The CivicScience 2024 Election Mindset Tracker analyzes and predicts how developments in the 2024 presidential race will affect people, markets, and the economy. Click here to learn more.
2. Consumers more likely to consider buying a car or home should the Federal Reserve cut interest rates in 2024.
The U.S. Federal Reserve is predicted to start cutting interest rates in 2024 following nearly two years of rate hikes intended to combat inflation. Recent CivicScience data show 28% of consumers are more likely to purchase a vehicle, and 23% are more likely to buy a home if rates go down. One in five are more likely to open a new line of credit or home equity, while 15% look to take out new student or personal loans.
Millennials are especially likely to say their plans will be affected by a lower benchmark interest rate. Respondents between 25 and 44 years old make up more than 50% of those who are more likely to take on new loan or credit debts or make a major purchase if rates are lowered. Big savers are also more likely to plan to act on lowered rates – consumers who plan to take on debt or purchase a home/car are more likely than average to expect to have more money saved six months from now.
3. Roughly 2 in 5 Americans say they stuck with their 2023 resolutions throughout the entire year.
With 2023 officially in the rearview, focus shifts once again to New Year’s resolutions. Ongoing CivicScience tracking found December 2023 ended with nearly 40% of Americans fully following through with their resolutions. An additional 32% of those who made a resolution ‘partially’ stuck it out. Millennials, in particular, were most likely to say they kept up with their 2023 resolutions (44%). Data also show that consumers who made it all the way through the year without breaking their New Year’s resolution generally have higher levels of self-control compared to those who did not.
What can we expect for New Year’s resolutions for 2024? While fewer Americans report making a New Year’s resolution for 2024, a majority still plan to have one (58%) – equivalent to 2020 levels. Priorities look to be shifting for some Americans this year.
Want to see more of the in-depth consumer insights found in this report not covered here – including CivicScience’s new Impulse Control Index? Clients receive the SPEC Report in full, plus access to real-time insights driven by our database of over 500K questions. Contact us to see it in action.