Customer Satisfaction Remains Weak. So is Consumer Spending

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ANN ARBOR, Mich.–(BUSINESS WIRE)– Customer satisfaction nationwide remains low, but there has been a slight improvement of 0.1% to 73.2 (on a scale of 0-100) this quarter. However, it doesn’t matter how small, it is more, which has been missing for a long time now. In fact, this is only the second time in the last 16 years that ACSI has grown. Consumer spending remains weak, but grew by 1.4% in the third quarter.

Although GDP is a measure of increase Financial results, the American Customer Satisfaction Index calculates behavior about the economic impact as the consumer. Obviously, the two dimensions are related. The pleasure people get from buying and spending affects their future consumption. An unsatisfied buyer may be skeptical; A satisfied customer can repeat what was, after all, a pleasant experience. However, there are many other factors that affect the value of integration.

“While customer satisfaction leads to lower customer churn, strong consumer savings accounts move elsewhere,” said Claes Fornell, ACSI founder and Donald C. Cook Distinguished Professor (emeritus) of Business Administration at the University. in Michigan. The same is true of scarcity; they, too, tend to move the demand curve upward. After that, consumer spending has been positive in the first two quarters of 2022, while GDP has declined. That’s why higher interest rates haven’t yet had an impact on inflation – consumers had money to spend, and demand was greater than supply. Therefore, this is a situation where customer satisfaction decreases but does not cause demand to weaken. However, things can change. Interest rates will rise again. Unless companies continue to pass on inflation to consumers, inflation will fall. It is unclear how long this will last. So far, there are no signs that inflation has slowed.

Meanwhile, businesses would do well to realize that consumer markets have long memories. Distributing scarce resources quickly to ensure customer satisfaction is a major challenge. Finding out the customer’s likes and dislikes is not enough. Data analysis technology needs to be improved. Data is not the same as information. Data noise should be reduced and filtered, and relevant economic indicators and causal models should be used. Otherwise, it will take a long time for customer satisfaction to return to the levels necessary for economic growth and strong business profitability.

The ACSI global ranking (or ACSI group) is updated quarterly based on annual customer growth across sectors and industries. For more information, follow America’s Customer Satisfaction Index on LinkedIn and Twitter at @theACSI or visit www.theacsi.org.

No advertising or other promotional activity may be made of the information and information released without the prior written consent of ACSI LLC.

About ACSI

The American Customer Satisfaction Index (ACSI^®) has been an indicator of the country’s economy for 25 years. It measures and evaluates customer satisfaction with more than 400 companies in 47 industries and 10 economic sectors, including various services of public and private organizations. Reported on a scale of 0 to 100, the rating is based on the information received from approximately 500,000 customers per year. For more information, visit www.theacsi.org.

ACSI and its logo are Registered Trademarks of American Customer Satisfaction Index LLC.