WHAT THE DATA SAY: While ChatGPT is the rage, Americans do not trust new AI tools

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 (fielded Jan. 27-29):

ECONOMIC WORRIES MIXED:

Today, 87% of Americans are concerned about the economy and inflation – up 1 point from last week and up from 82% in December.

• 82% worry about a potential U.S. recession (down 1 point)
• 81% about U.S. crime rates (up 1 point)
• 75% about political divisiveness (up 4 points)
• 69% about the War on Ukraine (up 1 point)
• 66% about affording their living expenses (down 5 points)
• 58% about a new COVID-19 variant (down 2 points)
• 42% about losing their jobs (down 7 points)

PARENTS WANT CHILDCARE SUPPORT AT WORK:

Parents increasingly feel unsupported in the workplace and expect more childcare support from employers and the government, based on our new Parent Confidence Report with KinderCare.

• 61% of working parents say there is a disconnect between the level of support they need and the benefits their employer provides.
• Childcare benefits are the second most important reason for parents staying at their current job – with 18% ranking them as the most crucial benefit – behind health insurance.
• More than half of working parents would stay at their current job if their employer provided childcare benefits, such as pre-tax benefits, emergency/backup childcare and on-site childcare.
• 70% of parents say childcare is at a crisis point in terms of accessibility and affordability.
• 66% believe the government should offer universal childcare to all children, from birth to kindergarten.

1 IN 10 LOOKING FOR NEW HOME, BUT WITH UNREALISTIC PRICE EXPECTATIONS:

For the fifth year in a row, most Americans (83%) say buying a home is a priority. Yet, in our latest survey with NerdWallet, high mortgage rates and a seller-friendly housing market prove to be obstacles – along with unrealistic home price expectations.

• 11% of Americans say they plan to buy a home in the next year.
• Prospective buyers hope to spend $269,200 on average. This is significantly lower than the typical home price of $379,100.
• 32% of Americans feel worse about their ability to purchase a home in 2023 than in 2022 (a 7-point increase from last year).
• The top reasons for the more negative outlook include a worsening economy (58%), higher mortgage rates (57%) and higher home prices (57%).
• 67% of Americans say a housing market crash is imminent in the next three years.

INVESTORS RETHINK RETIREMENT PLANS:

Turbulent market conditions and rampant inflation have forced investors to consider working after retirement, based on our survey with Nationwide.

• 69% of non-retired investors say post-retirement employment could lie ahead.
• 44% of these investors inclined to keep working say they’ll have to supplement their retirement savings or income out of necessity.
• 40% of non-retired investors plan to move to a different city or region after retiring, with the most common reasonings being lower cost of living (43%) and lower taxes (34%) – far ahead of being closer to family (22%).
• 49% of non-retired investors with a financial advisor are “very nervous” about spending down their retirement savings in today’s current market environment.

LACK OF TRUST OVERSHADOWS NEW AI TOOLS:

Businesses might need to slow their roll when it comes to adopting AI tools like ChatGPT and DALL-E2, according to our latest study with AdAge.

• 52% don’t trust AI tech.
• 54% are familiar with generative AI tools, and nearly a fifth have used one.
• 67% of Americans are concerned about the safety of generative AI technology.
• Only 29% said they have not used generative AI nor are they interested in doing so.
• Less than half (44%) say that it is easy to tell the difference between something created by AI and something created by a human.
• 58% think things created by generative AI tools are less impressive than things created by people.

ICYMI:

In case you missed it, check out some of the thought-leadership and happenings around Stagwell making news:

• Five Things to Know About ChatGPT
• Generative AI – how marketers should navigate consumer distrust
• Augmented reality. The bright future of women’s sports. What Gen Z wants from work. Stagwell’s National Research Group explores all of these topics in a new premium magazine, Boundless.
• 20 brands gaining popularity with Gen Z
• About three-quarters of people who plan to watch the Super Bowl said they’re excited for the ads
• Big Tech’s Free Ride Is Coming to an End

As always, if helpful, we would be happy to provide more info on any of these data or insights. Please do not hesitate to reach out.

Thank you.