Survey: Consumers look to save money, reduce spending in 2023

Financial goals have taken on increased importance in the New Year’s resolutions that consumers are setting for 2023.

Physical health resolutions, including fitness, weight loss and healthy eating, are the top (73%) priority for consumers, according to a survey by data and tech market research firm Numerator. But financial goals have jumped six points this year, with 53% of resolution makers planning to focus on finances with their New Year’s resolutions.

The survey revealed that the top financial goals of consumers for 2023 are to save more money in general (57% of those making financial resolutions), track spending more carefully (48%), reduce spending in general (43%), reduce spending on non-essential items (42%), and pay off loans (40%). 

Nearly 60% of consumers who are making financial goals are doing so because they think inflation and rising prices will impact them, while 48% are being cautious of a possible recession. This sentiment is seen across all generations but is slightly higher among baby boomers.

Other insights from Numerator’s “New Year’s Resolutions 2023 Consumer Sentiment Findings” report are below:

• More than three in five millennial resolution makers are choosing to focus on their finances. Sixty-two percent of millennial resolution makers are opting for money-related goals, the highest among all generations.

• Over three-quarters of consumers are confident in the financial goals that they have set.  Eighty-four percent claim that they are either likely or very likely to reach their financial resolutions.

Numerator’s 2022 New Year’s Survey: Resolutions 2023 was fielded 12/13/22-12/20/22 to 1,017 consumers.

In a blog, “The Modern Recession: Considerations for Brands & Retailers,” published in early December, Numerator noted that consumers are increasing money-saving measures to combat rising prices, including decreasing spending on non-essentials (51% of consumers), searching for coupons, promos or sales (51%), and stocking up on essentials when they’re on sale (50%).

The retail landscape has changed dramatically since “The Great Recession” ended over a decade ago, noted Numerator, with online CPG sales growing more than 350% in the last five years alone. Eighty-four percent of U.S. households now turn to e-commerce retailers to purchase grocery, health & beauty, household, pet and/or baby products (up from 62% in 2017).