Credit card use during the holidays will increase across income levels and generations. More than two-thirds (68%) of baby boomers and 64% of Gen Xers will use credit cards, compared with 44% of Gen Z shoppers. Credit card providers have beefed up their rewards offerings ahead of the holidays to capture this volume.
Article
| Nov 27, 2023
Lower-income consumers are understandably hit harder by inflation than affluent ones, but consumers across the socioeconomic spectrum have addressed the cost-of-living crisis by reducing, or actively planning to reduce, their expenses. What are the implications? High inflation will continue to squeeze consumers’ discretionary income.
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| Jul 26, 2023
There are other qualifiers—such as discretionary income and family status—but our responses indicate that younger shoppers may simply be more open to trying new products compared with older generations. Key takeaway: Digital grocery buyers are more likely to try new products when they’re shopping in-store.
Report
| Aug 21, 2023
This is the age where most adults hit their earnings peak, but that income is offset by a range of financial burdens, including home ownership, parenting, and caregiving. According to Q1 2023 Federal Reserve data, US Gen Xers carry more debt than any other generation.
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| Oct 12, 2023
Doom and gloom: Which age group has the most pessimistic view regarding income, savings, investing, and credit? A) Gen Z. B) Millennials. C) Gen X. D) Baby boomers or older (55+). In fact, the only area where adults 55+ have a more positive financial outlook than other age groups is around debt, according to CivicScience. March 19, 2024.
Article
| Apr 15, 2024
The biggest delay to their homeownership goals, at 23.4%, was insufficient income—almost 10 percentage points higher than home prices. Over 40% believe they can only afford homes under $100,000, and another 39.5% want homes under $200,000. Of Gen Zers stashing away cash, 56.2% are saving with the intention of buying a home.
Article
| Nov 27, 2023
Among those with annual incomes of at least $200,000, the share was 64%. To see the full forecast, click here. Most US consumers purchase personal luxury goods. More than 60% of respondents reported buying a personal luxury product in the previous year, according to a July 2023 survey conducted by Bizrate Insights for Insider Intelligence.
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| Oct 9, 2023
That’s especially likely for FIs that rely on the income from overdraft fees and haven’t yet identified new revenue streams. Regulators themselves will come under more scrutiny in 2024 due to embarrassing scandals at the FDIC and OCC that called into question their credibility and cast doubt on their ability to spearhead future regulatory initiatives.
Article
| Dec 20, 2023
Big banks can gain market share with higher-income customers—who skew toward Gen X—by promoting educational efforts and in-person demonstrations. Despite US leadership in AI technology, consumers have been slower to adopt AI banking chatbots. By the end of 2026, 35.1% of US adult consumers will use AI banking chatbots.
Report
| Jan 16, 2024
But buyers across income groups continue to pull back on discretionary expenses and trade down as excess savings are depleted, prices stay elevated, and spending priorities focus on essential goods along with services. Consumers are still spending, but their purchases are more strategic compared with the relatively cash-flush times of prior years.
Report
| Jul 28, 2023
US consumers don’t lack disposable income, and they’re generally in good economic shape heading into the holidays. But they just don’t have as much need for the high-ticket items—such as consumer electronics, furniture, and appliances—that they splurged on during the pandemic.
Report
| Oct 17, 2023
It also appeals to a wide array of consumers as a product research destination, on par with or surpassing other social networks across age cohorts, genders, and income brackets, according to recent quarterly research from Jungle Scout. What will be top of mind for search advertisers in 2024? Regulation. The verdict in US v.
Report
| Dec 20, 2023
Look to them to set the pace of all new social media experiences—because they have the time, the interest, and (increasingly) the income. Many millennials have maxed out on social networks. Millennials are hesitant to download yet another app, and few will be leaving their regular platforms (aside from Facebook and Twitter, which will lose millennial users this year).
Report
| Jul 26, 2023
In addition, 39% have purchased a product or service online within the last week, and 30% are in a high income group. But despite their purchasing power, only 10% of boomers see themselves represented in advertising, according to the same report. Social media can help close that gap if marketers can identify how and where boomers like to spend their time (and money).
Article
| Nov 20, 2023
Many don’t yet have enough disposable income to pay for their own streaming services, opting instead to share accounts with friends or family. The region’s sub OTT market is primed for growth. With 6.6% growth, it will be home to the second-fastest-growing base of sub OTT video viewers in the world this year, behind the Middle East and Africa, per our forecast.
Report
| Apr 20, 2023
Operating income increased from $17.1 billion in Q3 2022 to $21.3 billion in Q3 2023, with operating margin expanding from 25% to 28%. Third-quarter net income rose to $19.7 billion from $13.9 billion the prior year. Google Search and Other: This segment remains the primary revenue driver, rising from $39.54 billion a year earlier to $44.03 billion.
Article
| Oct 25, 2023
The new rules aim to support lower-income and minority communities by incentivizing banks to invest in the climate resilience of historically redlined neighborhoods. FIs that finance climate resilience activities in low- and moderate-income communities—like improving flood-control systems or creating more green spaces—will receive CRA credits.
Article
| Nov 1, 2023
US ecommerce resale volume will hit $80.60 billion this year, a growth of 3.4% YoY, per our December 2023 forecast.
Article
| Apr 24, 2024
Gen Z had $360 billion in disposable income in 2021, per a November 2021 Gen Z Planet study based in part on the most recently available US Bureau of Labor Statistics data. As their income grows, they’ll take greater ownership of complex financial products and services—increasing the cost of Gen Zers leaving banks. They are networked and mobile from a young age.
Report
| May 4, 2023
Affirm also netted profitability on an adjusted basis, with operating income coming in at $60 million (versus a $19 million loss in Q1 2023). In the spotlight: The company once again highlighted the growth of the Affirm Card. The card boasted 400,000 users in Q1, with as many as 75,000 consumers a month signing up for it. GMV on the Affirm Card totaled $224 million.
Article
| Nov 13, 2023
This could make a previously safe lending bet riskier—but also increase issuers’ interest income. Interest in alternative credit will force credit cards to differentiate. Forty-four percent of credit card customers would consider noncard financing options, with BNPL the most popular alternative, per a 2022 J.D. Power survey.
Report
| May 22, 2023
Extending loans and services to low-income communities where they have a concentration of online lending activity. Collaborating with regulators to identify and confirm the types of activities that can earn credit under the CRA grading system. The rule has met with mixed reactions: Despite regulators’ efforts to reduce the complexity of the final rule, some FIs are considering litigation.
Article
| Oct 30, 2023
Saks launches retail media network amid slowing sales: The ecommerce retailer is billing its offering as a unique opportunity to connect with luxury shoppers.
Article
| Apr 24, 2024
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| Feb 1, 2024
Source: Kajabi
New credit card models that rely on monthly subscription income rather than interest could attract consumers wanting to avoid debt traps. Marketing campaigns can also emphasize how cards integrate with digital wallets: Nearly 65% of US smartphone users will pay for something with a mobile wallet app in 2024, per our forecast.
Report
| Mar 25, 2024