US and GB: IMF chief says 2023 tough year for world economy - Are consumers concerned?
January 3rd, 2023, Lesley Simeon

US and GB: IMF chief says 2023 tough year for world economy - Are consumers concerned?

International Monetary Fund (IMF) managing director, Kristalina Georgieva, has said the global economy will face a “tougher” year than 2022. According to Georgieva, the slowing economic growth in the US, EU and China is expected to snowball and the IMF expects “one-third of the world economy to be in recession.”

But while the IMF chief has sounded economic alarm bells, do Americans and Britons share her concerns?

A significant number of them do, according to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics. Data shows that just under half of of Americans and Britons (46% each) think their respective economies will be in a depression/recession in 12 months’ time.

On the other hand, just 13% of Americans and 11% of Britons think the US and the UK economies respectively will be growing/blooming.

But do consumers across these markets factor in news related to the economy when deciding on making purchases? According to Profiles data, 52% of Americans and 45% of Britons agree with the statement that they “take into account news about finance and the economy before making big purchases.”

Coupled with their perception of the state of the economy, it will be interesting to see whether the current headlines will impact consumer spending habits in the coming months.

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Methodology:YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.  

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Alexander Grey