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Report: Consumers are Confident in the Economy, But Have Concerns About their Own Financial Fitness

Business

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A new survey by comScore shows increasing consumer anxiety when it comes to matters of personal economic well-being.

Per new research released as part of comScore’s “2018 State of the Online Retail Economy,” consumer confidence is high with respect to overall economics, but low when it comes to how we feel about our personal financial security.

The report was released amid an environment in which community and individualism seem increasingly at odds. This is the central theme of our tenth anniversary Social Media Week conference, which will be held in New York April 23-27. You can learn more about our global theme, “Closer,” here.

As depicted in the chart below, rising prices was the most concerning economic condition chosen by 45 percent of respondents, followed by unemployment/job security (23 percent).

Of lesser concern were financial markets (17 percent) and real estate/home values (5 percent). Stated differently, and as underscored by MediaPost, the anxiety is focused much more to a microeconomic level, surrounding one’s personal economic well-being (vs. the health of the economy on the whole).

Image via MediaPost

Additional findings from the report include:

  • By end of the fourth quarter in 2017, digital commerce accounted for 1 in 5 discretionary dollars spent by consumers.
  • The top-gaining digital commerce product categories included CPG, Toys, and Apparel, defined as “Very Strong” with +15% growth. The categories with the least amount of growth included Music/Movies/Video, Video Games, and Computer Software.
  • The top retail sites by unique visitors are: Amazon, Walmart, eBay, Target, and Apple.
  • Just how dominant in Amazon? Amazon made up at least 60 percent of all Q417 transactions across key product categories. Consumers spend more time on Amazon than they do on the sum total of retailers ranking two through ten.
  • The most common uses for smart speakers are: checking the weather, asking general questions, and playing music.

You can download comScore’s webinar on the report here.

For more on the intensifying conflict between community and individualism, join us at SMWNYC this April (23-27) at the Sheraton Times Square. Register your pass today.




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