Travel and spending intentions remain strong among the nation’s consumers, according to the latest research from Human8, a Detroit-based global consultancy.
More than three-quarters of more than 500 survey respondents (76 percent) say they plan to take a vacation in the coming year, with 53 percent eyeing weekend getaways, and 42 percent planning domestic travel.
Human8’s research explores consumer sentiment amid turbulent times. The study sheds light on the evolving attitudes and behaviors of consumers as they confront the current landscape, marked by financial volatility and electoral changes.
“Organizations can’t predict all of the changes that are going to happen in the next year, which of course leads to a degree of uneasiness,” says Katherine Ephlin, managing director of Human8 in North America. “But understanding consumer sentiment during such times is crucial in remaining relevant.
“Our research highlights not only the challenges and apprehension but also the remarkable adaptability and optimism that many consumers display. This insight provides intel for brands to develop human-centered strategies to drive positive change.”
Additional findings from the research include:
Emotions are Mixed: 53 percent of respondents reported positive emotions (optimistic, calm, confident), while 43 percent expressed negative feelings (anxious, fearful, annoyed, hopeless, sad, angry). Although notably, respondents’ optimism is higher now compared to the onset of the COVID-19 pandemic in 2020.
Confidence with Market and Investing for the Future: Many people feel some degree of confidence in the market, with 70 percent increasing or keeping their same amount of contribution to future savings (401k, 403b, children’s college savings, etc.). While 25 percent plan to not contribute to at all, and 5 percent plan to decrease their contribution as compared to last year.
Importance of Time and Transparency: 54 percent of consumers believe that “valuing their time” is among the most important traits brands should be delivering on, and 49 percent believe “transparency” is most important. Additionally, 77 percent consider it very or extremely important that companies listen to their opinions and concerns.
Pets over People: More Millennial respondents plan to expand their pet families (34 percent) than those who plan to get married (24 percent) or grow their families (33 percent).
To access the full results of the Human* survey, visit here.
