As inflation lingers above the Federal Reserve’s target rate, US consumers predict they’ll have to spend more this year on necessities. McKinsey’s latest research indicates that consumers are planning to reduce their overall spend and to be more selective in the products they buy. In particular, senior partner Sajal Kohli and coauthors note, consumers expect to spend more on essentials, such as food and baby supplies. Click through the interactive to see more.
To read the article, see “An update on US consumer sentiment: Caution heading into 2024,” December 15, 2023.