Despite global economic worries, consumers are anticipating a brighter financial future ahead, according to a Digital River survey.
The survey data was collected from 3,000 respondents equally spread across the U.S., U.K., and Germany, according to a press release.
Additional findings include:
- Over half (55%) are concerned about the current state of their country's economy, with 54% feeling more stressed about personal finances.
- Over the last 12 months, 24% of consumers say their financial situation has gotten better, while 42% say it has gotten worse.
- Two in five respondents expect their financial situation to improve over the next 12 months.
- Nearly one-quarter (23%) of consumers describe their current habits as "routine spending," with consistent and predictable patterns prioritizing necessities.
- One in five (22%) consumers describe their current spending habits as "budget-conscious spending," meaning they carefully plan and track expenses.
- Gen Z consumers (22%) were more likely to admit to "doom spending" than other generations (Millennials: 19%, Gen X: 11%, and Boomers + Silent Gen: 9%).
"Amid global economic concerns, consumers are demonstrating cautious optimism about their financial outlook, signaling a shift toward greater cost-consciousness and strategic savings," Ted Rogers, Digital River's CMO, said in the release. "While facing the pressure of rising prices, the trend of decreased spending and increased savings underscores a prudent approach to navigating economic uncertainty, with encouraging signs of price stabilization in certain markets."