With the release of the "Q1 2024 InSynch Consumer Monthly Tracker" report conducted by Synchrony on behalf of CareCredit, there were some interesting numbers I needed to take a deeper dive into to find out what they may mean for dentists and dental practices as the second half of the year approaches.
You can view the entire study here, but I asked Sameer Bhasin, vice president of strategic alliances at CareCredit, for his thoughts on certain parts of the study, including consumer plans on how they will spend their money … especially when it comes to making a large purchase this year.
"People seem to be more optimistic and more cautious at the same time, which, after the past few years of COVID and economic uncertainty, is not surprising," Bhasin told me.
"Those who fall into the low-income range, student loan holders, Gen Z, and millennials are struggling more with anxiety around the economy, as well as the feelings of living paycheck to paycheck and worry about paying off debt," he said.
However, there is good news in the report. When it comes to spending, consumers said they intend to purchase more when it comes to fun and health. Those two categories portend well for dentists.
"Not surprisingly, older generations tend to focus on experiences and healthcare while younger generations like Gen Z are buying the most 'things,'" Bhasin told me. "When it comes to the consumers who were surveyed, they said they plan to spend on day-to-day indulgences like dining, apparel, pets, and entertainment."
There is plenty to dive into with the report and Bhasin's insights. You can hear our entire conversation below as part of our series of podcasts available through DrBicuspid.
Make sure you subscribe to "The DrBicuspid.com Podcast" through your favorite podcast platform.
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