Changes in Multicultural Consumer Spending and Financial Behavior Across Categories

Launched in 2023, Collage Group’s spending and financial trackers offer members useful information to understand economic behavior of consumers across 12 categories, as well as changes in financial behaviors such as managing debt, savings, investments and financial support for friends and family.
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August 2, 2023
David Evans – Chief Insights Officer

A baseline pattern of consumer behavior was established in series of surveys at the end of February, March and April, before moving to a bimonthly deployment. In June, behavior was largely unchanged with slightly looser spending behavior for all but Hispanic consumers.

Read on and fill out the form for an excerpt from our
Economic Tracker: June 2023 presentation.

Economic Tracker: June 2023 - deck example

Of twelve spending categories tracked, 35% of consumers reported decreased spending in at least four categories in April, down slightly since April. Meanwhile, 26% of consumers reported increased spending in at least four categories in June, a slight decline since the prior assessment in April.

Across all consumers, the top four categories of decreased spending include: Going Out to Restaurants & Bars, Going Out for Leisure & Entertainment, Clothing, Shoes & Beauty, and Home Improvement & Gardening. The top four categories of increased spending include: Food and Groceries, Household Items and Home Care, Non-Alcoholic Beverages, and Clothing, Shoes & Accessories. These remain stable over time.

Top categories that Americans decreased or increased their spending

There is no variation in the rank order of the categories of decreased spending by race or ethnicity, with Asian and White consumers reporting overall slightly higher percentages than Black or Hispanic consumers.  Notably, Hispanic consumers reported small increases in decreased spending in Bars and Restaurants, Movies, Sports or Games, and Clothing. White consumers report a slight decrease in decreased spending on Movies, Sports or Games, Clothing or Home Improvement.

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David Evans

David Evans

David serves as the Chief Insights Officer responsible for all syndicated content and thought leadership. He is passionate about leading the teams that reveal insights into consumers that can transform the fortunes of our members, make these actionable in our products and experience, and build great places to work. Before joining Collage Group in 2018, David served in a variety of senior roles in data, analytics and syndicated research organizations, including Cushman & Wakefield as Strategic Advisor, CoStar Group as Vice President of Research, and the White House where he founded the Office of Executive Councils in 2011. From 1998 to 2009, he worked at the Corporate Executive Board (now Gartner), serving ultimately as Chief Researcher for a $100 million division covering eight major business units. David holds a Diploma (M.Arch equivalent) from the Architectural Association in London and an M.B.A. from Georgetown University’s McDonough School of Business. Before pursuing a business career, David worked as an architect in the UK, France and Germany, and published and exhibited widely. David was born in London to American and Canadian parents. He lives in Bethesda with his wife Juliette Searight and younger Generation Alpha daughter, while avidly following his older Generation Z daughter’s journey into adulthood in Halifax, Nova Scotia.

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