Dec 19, 2024 2:10:40 PM

9 Signs of Tighter Times Ahead for Consumers

1 min read

2:17

Consumers are less optimistic this year than builders. They’re certainly feeling the pinch of inflation, high home prices, and elevated interest rates.

Consumers by the numbers

Nonetheless, consumer interest in sustainable homes continues to grow. In fact, financial conditions are driving increased awareness about operating and maintenance costs, and more frequent and intense climate events are amplifying awareness about the benefits of resilient building.

These two dynamics are translating into an enhanced willingness to invest in upgrades like energy efficiency, electrification, healthy home, water conservation, resiliency, smart home, and solar + storage.

Overall Do you think the economy is getting

Unlike builders, 60 percent of consumers think that the economy is getting worse—nearly 15 percent more than last year.

Generational Do you think the economy is getting

In 2023, Gen Zs were the most optimistic about the economy. However, in 2024, their perspective shifted dramatically. Now, they're the most pessimistic generation about the state of the economy.

have inflation and high interest rates caused you to curb spending

Consumers report that they’ve had to curb spending this year in areas like entertainment, dining out, travel, and groceries.

how much have inflation and high interest rates caused you to cut back

More consumers have had to cut back on household spending this year by 21-30 percent or more than 31 percent.

Consumers are having to spread out an increasingly smaller amount of money among necessities.

due to current financial conditions have you had to

Consumers also report that they’re dipping into their savings to pay the bills and charging more on credit cards this year than last year

Millennials and Gen Zs are more inclined to invest in these sustainability upgrades than Boomers and Gen Xers.

which of these statements best describes

Younger generations report that they would buy a home if they could afford something in a good neighborhood. But they have been forced to stop searching because they simply can’t afford one.

What is the top global risk of highest concern to you

This year, survey respondents cited economic instability as their top concern, with failure to mitigate and adapt to climate change following behind. Fears of terrorist activity, physical attacks, and gun violence rose among Boomers and Gen Xers.

which are you more focused on when purchasing a home

For the first time, all four generations responded that, when purchasing a home, they focus more on long-term value and operating costs rather than upfront price and cost per square foot.

Dec 19, 2024 2:10:40 PM · 1 min read

By Sara Gutterman

As cofounder and CEO of Green Builder Media, Sara is a visionary thought leader and passionate advocate for sustainability. A former venture capitalist, she has participated in the life cycle (from funding to exit) of over 20 companies, with an emphasis on combining sustainability and profitability. She lives in Lake City, Colo., with her husband, where she is an avid long-distance runner, snowboarder, and Crossfit trainer. She is also on the Board of Directors at Dvele, runs the Rural Segment for Energize Colorado, and is a former County Commissioner.

9 Signs of Tighter Times Ahead for Consumers

Consumers are less optimistic this year than builders. They’re certainly feeling the pinch of inflation, high home prices, and elevated interest rates.

Unlike builders, 60 percent of consumers think that the economy is getting worse—nearly 15 percent more than last year.

In 2023, Gen Zs were the most optimistic about the economy. However, in 2024, their perspective shifted dramatically. Now, they're the most pessimistic generation about the state of the economy.

Consumers report that they’ve had to curb spending this year in areas like entertainment, dining out, travel, and groceries.

More consumers have had to cut back on household spending this year by 21-30 percent or more than 31 percent.

Consumers are having to spread out an increasingly smaller amount of money among necessities.

Consumers also report that they’re dipping into their savings to pay the bills and charging more on credit cards this year than last year

Millennials and Gen Zs are more inclined to invest in these sustainability upgrades than Boomers and Gen Xers.

Younger generations report that they would buy a home if they could afford something in a good neighborhood. But they have been forced to stop searching because they simply can’t afford one.

This year, survey respondents cited economic instability as their top concern, with failure to mitigate and adapt to climate change following behind. Fears of terrorist activity, physical attacks, and gun violence rose among Boomers and Gen Xers.

For the first time, all four generations responded that, when purchasing a home, they focus more on long-term value and operating costs rather than upfront price and cost per square foot.

By Sara Gutterman

Also Read

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9 Signs of Tighter Times Ahead for Consumers

Consumers are less optimistic this year than builders. They’re certainly feeling the pinch of inflation, high home prices, and elevated interest rates.

Unlike builders, 60 percent of consumers think that the economy is getting worse—nearly 15 percent more than last year.

In 2023, Gen Zs were the most optimistic about the economy. However, in 2024, their perspective shifted dramatically. Now, they're the most pessimistic generation about the state of the economy.

Consumers report that they’ve had to curb spending this year in areas like entertainment, dining out, travel, and groceries.

More consumers have had to cut back on household spending this year by 21-30 percent or more than 31 percent.

Consumers are having to spread out an increasingly smaller amount of money among necessities.

Consumers also report that they’re dipping into their savings to pay the bills and charging more on credit cards this year than last year

Millennials and Gen Zs are more inclined to invest in these sustainability upgrades than Boomers and Gen Xers.

Younger generations report that they would buy a home if they could afford something in a good neighborhood. But they have been forced to stop searching because they simply can’t afford one.

This year, survey respondents cited economic instability as their top concern, with failure to mitigate and adapt to climate change following behind. Fears of terrorist activity, physical attacks, and gun violence rose among Boomers and Gen Xers.

For the first time, all four generations responded that, when purchasing a home, they focus more on long-term value and operating costs rather than upfront price and cost per square foot.

By Sara Gutterman

Also Read

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