Why 3 in 5 Americans think the economy is in a recession

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NEW RESEARCH REVEALS WHY 3 IN 5 AMERICANS THINK THE ECONOMY IS IN A RECESSION EVEN THOUGH WE’RE NOT IN ONE OFFICIALLY.

THE SURVEY OF 2,000 AMERICANS EXPLORED WHAT’S DRIVING THIS LACK OF CONSUMER CONFIDENCE IN THE ECONOMY.

 INFLATION AND THE RISING COST OF LIVING (68%) TOPS THEIR LIST OF REASONS, FOLLOWED BY FRIENDS AND FAMILY MEMBERS COMPLAINING ABOUT MONEY (50%).

CONDUCTED BY TALKER RESEARCH ON BEHALF OF AFFIRM, THE RESEARCH FOUND OTHER REASONS INCLUDED NOTICING FRIENDS CUTTING BACK ON SPENDING (36%) AND NOT BEING ABLE TO PAY OFF CREDIT CARD DEBT (20%). 

ON AVERAGE, RESPONDENTS WHO FEEL THE U-S IS IN A RECESSION BELIEVE IT STARTED OVER 15 MONTHS AGO, ROUGHLY IN MARCH OF 2023. 

AND THEY DON’T EXPECT IT TO GO ANYWHERE QUICKLY — THEY BELIEVE THIS FEELING WILL LAST UNTIL AROUND JULY OF 2025.

Survey methodology:

This random double-opt-in survey of 2,000 general population Americans was commissioned by Affirm between June 20 and June 24, 2024. It was conducted by market research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR).