October 10th, 2023, Hoang Nguyen
Earlier in the year, a majority of consumers across 18 markets forecasted that they would have to make changes to how they spend their money in 2023.
In the US alone, 56% of these consumers said they will have to make cuts to their household spending, indicating a potential shift in what people consider essential or expendable to buy.
New data from YouGov reveals there are certain purchases that people are not willing to give up during difficult times. In fact, roughly a third (32%) of US consumers say they feel better about themselves when they shop for things, indicating the role of retail therapy on a significant share of people’s moods.
From personal care items to eating out to entertainment experiences, it’s clear from the data that there are treat items that people will still buy even amid budget constraints. Let’s look at a few key takeaways from the YouGov spending study.
Personal care and beauty products
- Personal care and beauty products are the top spending category that consumers would still prioritize for themselves even if they were on a budget.
- Millennials are the most likely of any generation to treat themselves with personal care/beauty products while on a budget (32% vs. 27% of all US adults).
- Over a third (36%) of women would still prioritize this spending category compared to just 18% of men.
Clothing and apparel
- A quarter (25%) of US consumers would treat themselves with clothing, apparel or shoes even if they were on a budget.
- Women (29%) and Gen Z (35%) are significantly more likely than the average US consumer to prioritize these spending categories.
Dining out
- Eating out at restaurants is another popular category, with 24% of US consumers saying they would prioritize this spending category. For men, dining out is the top treat category of those surveyed (16%).
Other notable findings from YouGov’s spending study
- A fifth (19%) of consumers would treat themselves to entertainment purchases such as going to a movie or attending a concert. It’s the second most popular treat item among men (22%) while just 15% of women would prioritize this category while on a budget.
- 17% of US consumers would treat themselves to a vacation or weekend getaway even facing budget constraints.
- Gen X (19%) and Boomers (29%) are significantly more likely than any other generation to treat themselves with books and magazines (vs. 16% of all US adults).
- The categories that US consumers are least likely to treat themselves with while on budget include spa/wellness treatments (5%), home décor (6%), and getting drinks at a bar (7%).
Methodology
YouGov polled 2000 US adults online on September 27th, 2023. The survey was carried out through YouGov Surveys: Self-serve. Data is weighted by age, gender, education level, political affiliation, and ethnicity. The margin of error is 2.2% for the overall sample. Learn more about YouGov Surveys: Self-serve.
Image: Getty Images