Q4 2024 US Consumer Pulse Study Key Takeaways

TransUnion’s US Q4 2024 Consumer Pulse Study. Consumer behaviors and attitudes about current and future household budgets, spending and debt. Let's dive in.

The first key takeaway in our study showed consumers are fixated on rising grocery prices. The higher price of groceries appeared to be the primary measure of inflationary pressure on households overall; 80% of those who said they’re concerned about rising prices named groceries as their top category of concern, far above the next category of gas for cars at 57%.

Key takeaway number two revealed Millennials are the most optimistic when it comes to finances. Despite enduring 9/11 as they began adulthood, the 2008 financial crisis early in their careers and a global pandemic during prime earning years, Millennials’ household finances showed particular strength in Q4 2024. Leading all generations, 41% of Millennials said their incomes increased during the previous three months compared to just 29% overall. They were also the only generation to have a higher percentage of those saying their household finances were better than planned at this point in 2024 compared to worse than planned. Moreover, nearly two-thirds, or 63%, of Millennials felt their incomes would increase in the next 12 months and 65% said they were optimistic about their household finances in the next 12 months.

The third key takeaway was a positive holiday shopping outlook is being led by Millennials: Given the impact inflation is having on many households’ planned spending in general, 57% of consumers reported they planned to spend the same or more on holiday shopping compared to last year, while 38% said they’d spend less. Despite overall caution, 63% of Millennials planned to spend the same or more on holiday shopping as last year — the highest of any generation.

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/q4-2024 to download the report.