Q2 2024 US Consumer Pulse Study Key Takeaways

TransUnion’s Q2 2024 US Consumer Pulse Study. Consumer behaviors and attitudes about current and future household budgets, spending and debt. Our quarterly survey of 3,000 adult American consumers explores how their personal finances have changed and what changes they expect in the future. Let’s dive in.

The first key takeaway from our study showed concern over inflation reached its highest level as consumer prices stretched household budgets. Half of Americans ranked inflation for everyday goods, such as groceries and gasoline, as their top financial challenge in Q2 2024. At the same time, 84% ranked it a top three concern, a five percentage-point increase over Q2 2023, and the highest level since TransUnion began measuring it two years ago. Moreover, 48% of consumers reported their household incomes were not keeping up with the rate of inflation, two percentage points higher than Q2 2023, and the highest since TransUnion began measuring it in Q2 2022. This was especially true for 56% of Gen X and 53% of Baby Boomers surveyed.

Key takeaway number two indicated consumers held a steady financial outlook despite daily living budgetary challenges. The rising prices consumers reported they’re most concerned about all encompassed daily expenses like groceries (84%), gasoline (66%) and utilities (55%). Despite these kitchen-table issues, 55% of consumers showed resilience by stating they're optimistic about their household finances in the next 12 months. Furthermore, 47% of those surveyed expected to see their incomes rise in the next 12 months.

The final key takeaway from our Q2 2024 Consumer Pulse Study revealed consumers leaned heavily on credit cards to make ends meet. About 30% of consumers intended to apply for new or refinance existing credit in the next year, and 59% of those planned to apply for a new credit card, the highest intent level TransUnion has ever measured and six percentage points higher than a year ago. Consumers who said inflation was one of their top three household financial concerns in the next six months were more likely to pursue a new credit card. Among those who said they'd apply for new or refinance existing credit in the next 12 months, 62% of inflation concerned intended to apply for a new credit cardvs. 52% for all others.

Would you like even more insights into consumers’ views of finances and how they plan to participate in the economy in the coming months? Visit transunion.com/consumer-pulse/q2-2024 to download the full report.