73% Plan to Make Physical Health Resolutions; 53% Opt for Financial Goals
Numerator, a data and tech company serving the market research space, has surveyed consumers around New Year’s resolutions they are setting for 2023. While physical health resolutions, including fitness and weight loss, are the top priority for consumers, financial goals have jumped six points this year, likely due to concerns around inflation and an impending recession.
New Year’s Resolutions 2023 Consumer Sentiment Findings:
- Half of consumers plan on making New Year’s resolutions for 2023. 50% of consumers plan to make resolutions, up from 43% last year. 30% are still undecided.
- Men are setting goals for the new year. 58% of male consumers said they were planning on making New Year’s resolutions for 2023, compared to 47% of female consumers.
- Millennials are the most likely to participate. 59% of Millennials consumers plan to make resolutions, followed by Gen X (50%), and Boomers+ (40%).
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- Physical, financial and mental health remain the top priorities going into the new year. 73% of resolution makers (down three points from last year) plan to make physical health goals, such as those focused on fitness, weight loss and healthy eating. 53% plan to focus on finances, and 40% will prioritize mental health. Less popular resolutions include productivity or organization (33%), relationships (30%), hobbies (28%), and career or education (23%).
- While physical health resolutions are down, financial goals are on the rise. Over half (53%) of resolution makers plan to focus on finances with their New Year’s resolutions, up six points from last year.
- Increasing savings and reducing spending are the themes of financial resolutions. The top financial goals of consumers for 2023 are to save more money in general (57% of those making financial resolutions), track spending more carefully (48%), reduce spending in general (43%), reduce spending on non-essential items (42%), and pay off loans (40%).
- Inflation and a possible recession are top of mind for those making financial resolutions. 57% of consumers making financial goals are doing so because they think inflation and rising prices will impact them. Nearly half (48%) are being cautious of a possible recession. This sentiment is seen across all generations but is slightly higher among Boomers+.
- Over 3 in 5 Millennial resolution makers are choosing to focus on their finances. 62% of Millennial resolution makers are opting for money-related goals, the highest among all generations.
- Over three-quarters of consumers are confident in the financial goals that they have set. 84% claim that they are either likely or very likely to reach their financial resolutions.
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