Splurging during uncertainty

US consumers continue to have mixed feelings about the economy, yet many still want to indulge themselves. According to research by partner Kari Alldredge and colleagues, 41 percent of consumers say they intend to splurge in 2023, with restaurants, groceries, travel, and apparel topping the list of potential indulgences. “Durable” purchases, such as household goods and jewelry, tend to rank lower on splurgy wish lists.

The intent to splurge is particularly focused on food, apparel, and travel.

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A bar chart contains 13 vertical bars, each representing survey respondents’ intent to spend more money, or splurge, in a particular spending category. Respondents’ intent to splurge is highest in 4 categories: restaurants (38%), groceries (37%), travel (36%), and apparel (35%). The remaining categories are beauty and personal care (29%); footwear (27%); electronics (25%); home goods, jewelry and accessories, and out-of-home entertainment (each at 21%); vehicles (20%); fitness (19%); and household essentials (17%).

Source: McKinsey US Consumer Pulse Survey, Apr 18–24, 2023, sampled and weighted to match the US general population aged 18+.

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To read the article, see “A monthly update on the state of the US consumer: May 2023,” May 23, 2023.

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