Valpak surveyed over 1,600 U.S. adults to understand their spending inspirations and worries heading into the new year. Unsurprisingly, New Year’s resolutions around maintaining a healthy lifestyle with physical health goals (weight loss and fitness)—similar to last year—featured prominently in survey results. An emphasis on healthy living, physical activity, healthy habits, overall self-care, and well-being seem to be once again top of mind after another triple-threat period of flu, RSV and COVID impacting American lives.
As lingering inflation continues to set budget limitations, consumers remain shocked at rising prices and shrinking wallets, pausing and prioritizing purchases of what they need (good healthcare) vs. want (a new tech toy). However, the desire to travel bucked the trend nationwide as experience seekers want to get even further away from the very memory of lockdown and get out and see the world. Intentions to buy homes and cars are also high despite the economy, with fingers crossed that things continue to move positively and supply chains stay constant in the new year.
Key Findings
In 2024, consumers will:
- Prioritize self-care, travel and entertainment
- Reduce spending on other “unnecessary” items
- Purchase cars / homes as buying conditions improve
- Pay for professional help to reduce debt / save money
- Switch service providers based on prices
- Buy what makes them feel comfortable and happy
- Travel, despite high costs and tight household budgets
Build your marketing strategy around these online survey result insights and make smarter advertising decisions that resonate with tomorrow’s consumers!
New Year’s resolutions: New year, new (& improved!) you
Losing weight, exercising, and healthy eating again took their expected places as the top 2024 New Year’s resolutions. With stubbornly high prices on everything from groceries to energy bills to tickets to more big shows like Taylor Swift’s Eras tour… if you could get them, a good number of respondents (20%) still want to reduce debt and save money in the new year.
In the new year, I want to:
PRIORITIZING NEEDS ABOVE WANTS WHEN BUYING
“The cost of everything has gone up so much, twice or more in the same calendar year, that unless you’re rich, you can’t really afford to do much of anything anymore, even making sure all your bills are paid.”
Buying what you need (primary care) versus what you want (items on Amazon) can be a challenging impulse to control. Diamond’s are a girl’s best friend but that friend doesn’t put food on the table, boost overall health or pay the rent. Not all large purchases are frivolous or unavoidable, though (even if some of them might raise one’s blood pressure). Keeping a paid-off car running with routine maintenance is cheaper – until it isn’t. Living in a smaller home with a lower mortgage is great – until your family outgrows it. Many consumers have waited years to buy a car or home with detriment to quality of life. They are hopeful that availability and price will improve in the new year with 10% intending to buy a car and 4% to buy a home.
In the new year, I intend to:
GET MORE HOURS OF SLEEP, AND LET SOMEONE ELSE DO THE WORK
Traditionally, consumers often opt for do-it-for-me when it comes to auto maintenance (38%) and home improvements (23%). But there’s nothing like a recession to encourage learning new skill sets. Search YouTube and you’ll find DIY channels and videos on how to change your oil or build a deck or heck, build an entire house—they have an app for that, right? It’s important to consider whether the money you save is worth the time or effort (or end product). Beyond cars and homes, consumers will be more proactive in protecting their assets in 2024, with 17% hiring professional help to manage their finances and taxes and 9% for legal advice.
Moreover, as people get back to enjoying things (seeing loved ones, improving mental health), they were unable to during lockdowns, like parties, events, gatherings, etc., the need to enhance one’s appearance and presentation has made a significant comeback, and why not use an experienced business to do it.
In the new year, I intend to use a professional service for:
Among the many lifestyle changes now being adopted, some consumers plan to update their wardrobe, and others want to change their hair color and whiten their teeth. Because, when you get right down to it, getting back out there and enjoying everyday life like before, who doesn’t want to look and dress for success?
In the new year, I plan to pamper myself:
THE ITCH TO SWITCH │ WHAT WILL CONVINCE A CUSTOMER TO LEAVE?
Consumers are taking action; they will not sit idly by and deal with higher prices (29%) AND poor customer service (14%). They’ll just take their business elsewhere.
Certain providers, like banks and credit cards, are more complicated than others to move away from or switch. You trust your doctor, and she accepts your insurance; there are 2 years left on your phone plan; nobody cuts your hair as well as your local hairstylist. When a business moves or shuts down, it’s easy for customers to switch.
When asked what type of health-related visit they plan to make in the new year, 75% said they plan to visit a primary care physician or dentist (70%), a dermatologist (28%), or a chiropractor (13%). In the past 30 days, 31% of U.S. adults responded to ads / coupons in their mailbox (AudienceSCAN). If not, advertising, word-of-mouth, and coupons can help them jump ship.
In the new year, I intend to switch:
“With inflation, groceries are so much higher, so it would be nice to have more coupons to use towards groceries (being on a fixed income as a senior citizen), it would be nice to have coupons we can actually use. We have to keep cutting back on everything else to be able to afford to eat.”
People want to go out and shop—with coupons. But what types of coupons are people MOST looking for? Unsurprisingly, grocery took the top spot here with 83% of respondents, while dining / restaurants came in a close second (74%), followed by big box retailers (e.g., Walmart, Target, etc.).
In the new year, I will be looking for the following types of coupons:
HAPPINESS AND COMFORT COME IN A PURCHASING MOTION
Another need is (the need) to feel good about your buying choices. At the end of the day, how you feel about a purchase, whether smart or healthy or stylish, can make letting go of hard-earned cash that much easier. So why not kill two birds with one stone: get what you want and feel happy (53%), or useful (30%), or maybe even safe (34%) about buying it!
In the new year, I want to buy things that make me feel:
PLACES TO GO, PEOPLE TO SEE, WHERE AND HOW LONG (IS THE QUESTION)
“Due to inflation, I won’t be doing much. Everything is outrageously expensive! Who can even afford groceries?”
When it comes to travel, U.S. consumers are willing to spend on what they want. More than half plan to take a vacation in the new year, ready to experience the outside world again. Of these vacationers, 74% plan to travel out of state, and a whopping 22% will travel abroad, anxious to experience parts unknown. Planning those bucket-list trips takes time and resources – 12% will use a travel agent or service for help.
Which of the following is in included in your travel plans?
PLACE A BET, ROLL A BALL, CLINK A FEW GLASSES BEFORE GOING TO A SPORTING EVENT
With all the social and online media and 24-hour news cycles, people want good entertainment of various kinds to help heal their souls and clear their minds. And just like with travel expenses, they are willing to pay for it, with going to the movies (44%) and attending a festival (34%) or concert (31%) being the most popular ways to relax and have fun.
In the new year, I plan to visit a ___ at least once:
MAKE THE MOST OUT OF YOUR YEAR WITH VALPAK
Understanding the priorities and desires of your target audience, their needs vs. wants, and what and how much they plan on spending is imperative in planning your marketing strategy. Despite higher prices in the stores and at the pump, people still want to travel, feel good and find a good deal. But they also want a fair price and a positive customer experience.
Whether shared direct mail, postcards, or social media ads, your local Valpak rep can help your business decide which channels are best for your needs and how to reach the right audience to get what you want out of advertising.
