WHAT THE DATA SAY: This election is stressing out 70% of us (versus 50% in 2016)

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking:

ECONOMY + ELECTION = TOO MUCH STRESS

The future, the economy and the presidential election are creating even more stress for Americans. That’s according to the newest edition of the Harris Poll’s “Stress in America” study with the American Psychological Association.

• 77% of adults say the future of the nation is a significant source of stress, along with the economy (73%) and the presidential election (69%).
• Other stressors: U.S. politics (62%); health care (55%); violence and crime (54%); the environment (51%); global tension/conflict (51%); and gun laws and regulations (49%).
• When asked to rate stress about specific news, topics and events, housing costs (65%), mass shootings (63%), spread of false news (62%) and social divisiveness (60%) are highest.
• 41% have a hard time having a civil conversation today about politics with people who have different values.
• 61% are hopeful about change this election and that it will lead to a more inclusive society (59%).

CLIMATE CHANGE STRESSING OUT YOUNG PEOPLE

Another source of stress – especially for young Americans – is climate change, based on our Harris Poll research.

• 58% of Gen Z and 56% of Millennials say wildfires, hurricanes and other extreme weather have negatively affected their mental health in the past year (versus Boomers at 47%).
• 20% of Gen Z and 15% of Millennials say these events had a significant negative impact on their mental health (versus Boomers at 9%).
• Gen Z (65%) and Millennials (63%) also are more likely than Boomers (54%) to say mass shootings have negatively affected their mental health.
• Among those who need mental health support and do not seek it, 41% say it is because it is too expensive or their health care provider did not take them seriously (20%).

‘TIS THE SEASON TO SPEND MORE

Americans will spend $17 billion more on gifts and $46 billion more on travel this holiday season – despite being under financial pressure, based on our Harris Poll survey with NerdWallet.

• Holiday shoppers will spend $925 on average this season. Parents are the biggest spenders –averaging $1,070, versus $860 for non-parents.
• 28% of shoppers still have not paid off balances from last year.
• 28% of 2023 holiday travelers who put flights and hotel stays on a credit card still have not paid off the balances.
• This year’s holiday shoppers plan to shop the sales: 39% on Black Friday and 36% on Cyber Monday.
• 15% completed the majority of holiday shopping during the mid-summer and fall sales.
• Due to financial pressures, 28% will spend less per person on gifts this year, and 27% will purchase gifts for fewer people.
• 22% have discussed limiting holiday gift spending this year with friends and family.
• 11% plan to regift for the first time, and 12% will purchase secondhand gifts.
• 55% say that the costs associated with holiday shopping is a major source of stress.
• 40% feel pressure to spend more money on holiday gifts than they’re comfortable spending.
• 10% will likely need to dip into their emergency savings to buy holiday gifts.
• As for travel, 42% will keep their usual holiday travel plans this year regardless of expense.
• 28% say traveling during the holidays is more important than the giving and receiving of gifts.
• See also: It’s October. Are you already behind on holiday shopping?

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