How US Consumer Spending Is Changing
As a business owner, one of the most important metrics to track is your target audience’s expenditure—more specifically, if and how it’s evolving.
If your store sells to buyers in the United States, knowing how US consumer spending is changing provides you with insights into how you should be adjusting your ecommerce pricing strategy. This is vital to the success of your store, as it has a direct impact on sales and growth.
How US consumer spending is changing overall
According to a recent study on how US consumer spending is changing, 41% of shoppers in the US say their expenditure in Q3 2023 stayed the same as the previous quarter.
Just under one-quarter (24%) decreased their overall spend by up to 50%, while 12% reduced it by between 51% and 100%.
→ Click Here to Launch Your Online Business with Shopify
23% of US consumers increased their total expenditure to varying degrees. 15% said they spent up to 50% more, while 6% said they spent between 51% and 100% more. Just 2% of US consumers said they more than doubled their expenditure in Q3 2023.
How US consumer spending is changing online
If you’re an ecommerce business owner, you’ll be more interested in how US consumer spending is changing online.
Online spending habits in the US look pretty similar to the overall trend. In Q3 2023, just under two in five (39%) consumers said their online expenditure held steady from the previous quarter, as they did not alter how much they spent.
Out of the remaining consumers, slightly more saw their online expenditure decrease. 21% of US consumers lowered their online spend by up to 50% in Q3 2023, while 10% lowered it by between 51% and 100%.
In comparison, 19% increased their online expenditure by up to 50%, 6% by between 51% and 100%, and the remaining 2% of US consumers saw their total spend on online purchases surge by over 100%.
How US consumer spending is changing by product
Knowing how US consumer spending is changing isn’t enough. Understanding what types of products are seeing the biggest changes is also key. This way, you’ll know whether and how to adjust your prices according to consumers’ evolving shopping habits.
The same report shows that 31% of consumers spent more on groceries in Q3 2023 than they did the previous quarter. This is followed by cleaning supplies, on which 23% of consumers increased their expenditure, and clothing and pet supplies, with 21% and 20%, respectively.
→ Click Here to Launch Your Online Business with Shopify