As radio and advertisers head into an uncertain holiday shopping season, Klaviyo and Qualtrics have released their joint 2023 Consumer Spending Report. With 82% of Americans adjusting their spending habits due to economic concerns, there are still demographics and categories for traditional radio and digital audio to capitalize on.
Consumers are increasingly spending on essential items such as food, utilities, and transportation. This is especially true for older generations, however, the report showed younger consumers, particularly Gen Z and Millennials, exhibit a more optimistic economic outlook. They are more inclined towards discretionary spending, including on non-essentials and ‘lipstick effect’ purchases like beauty services, makeup, and fast fashion as a distraction from economic stress.
Digital audio is recommended to…
