An African american woman buy a bottle of milk from refrigerator cold in convenience store for drink at home

An EY-Parthenon Series

Consumer Sentiment Survey (Wave 5)

Our survey looks at changing US consumer sentiment as a window into how consumer’s priorities – and the trade-offs they are making – are changing in response to macroeconomic and geopolitical events.

The Wave 5 survey was fielded between the last week of April and the first week of May 2026.

Global conflicts are top of mind for consumers as gas prices soar, according to the newest edition of the EY-Parthenon US Consumer Sentiment Survey. Eighty-six percent said they are concerned about transportation costs and are looking for ways to cut spending elsewhere to offset them. Consumers have mixed views about how long the current conflict in the Middle East could last, but more than half expect gas prices will drop again within a year. Overall, rising costs are impacting respondents’ confidence about their own finances and the US economy, which both declined slightly between February and April 2026 from an already low baseline.

Key insights

This section highlights three key trends shaping consumer behavior. Financial confidence is softening as macroeconomic uncertainty returns. At the same time, rising gas prices are prompting consumers to reallocate spending, shifting away from discretionary categories such as leisure toward essentials like groceries. While geopolitical concerns are increasing, most consumers view the impact of global conflicts as temporary and expect disruptions to stabilize over time.

Areas to watch

This section presents two key areas of concern for consumers, supported by headline statistics and additional context. Transportation costs remain a significant issue, with 86% of US consumers reporting some level of concern, reflecting broader macroeconomic and geopolitical factors such as inflation, interest rates, tariffs and international conflicts. In addition, rising food prices are influencing spending behavior, with 29% of consumers actively seeking ways to reduce grocery spending to offset higher gas costs. This aligns with broader sentiment, as 92% of consumers identify food prices as a concern, leading many to prioritize essential purchases over discretionary spending.

Our point of view

This section shares perspectives from EY-Parthenon retail leaders on evolving consumer behavior amid current economic and geopolitical conditions. As cost pressures increase, particularly from rising transportation expenses, consumers are reallocating their budgets and making clearer trade-offs across discretionary categories. Spending decisions are becoming more deliberate and value driven as financial confidence softens. At the same time, ongoing geopolitical tensions may influence consumer sentiment and purchasing patterns, requiring businesses to closely monitor shifts in demand and adjust pricing, promotions and overall strategy with greater agility.

EY-Parthenon Consumer Sentiment Survey Wave 5

Access the report

Every two months, a new edition of the EY-Parthenon Consumer Sentiment Survey is issued. The survey looks beyond traditional indicators to examine trends and nuances in American consumers’ changing outlook. It draws on approximately 1,500 respondents representing a cross-section of the US population to gain insights into areas such as personal financial confidence, spending and savings rates, retail and restaurant traffic, buying preferences and AI usage, among others.

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Consumer Sentiment Survey (Wave 5)

Key insights

Areas to watch

Our point of view

About the survey

Key contacts

Betti Packman

Tayler Danziger

Will Auchincloss

Mark Chambers