KPMG polled more than 1,000 consumers across the United States to learn about their expected spending habits for the year, as well as shifts in buying behaviors across categories and channels. Additionally, we asked respondents more about the impact of inflation, their travel plans for the summer, means of transportation and their return to office.
Given fast-rising inflation, consumers expect to spend 10 percent more of their income on housing, utilities, insurance, and other monthly living expenses in summer 2023 than they did just two years ago.
Consumers are expected to spend
more for regular monthly living expenses in May 2023 compared to May 2021.
The larger cutbacks this summer could come in spending on furniture, toys, and hobby supplies, as well as for larger and historically financed purchases such as home improvement and electronics and appliances.
The number of consumers interested in summer travel has continued to climb over the last two years. Although more consumers have travel plans, they expect to decrease discretionary spending overall. Their dollars can’t go as far this year when everything they need for a vacation—transportation, accommodations, clothing, food, and fun—costs more.
International travel is heating up
plan to visit international destinations in 2023 compared to
who crossed borders in 2022
...especially for younger generations.
of Gen Z consumers plan overseas trips more than the
of baby boomers