Do U.S. Casino Spending Figures Indicate A Happier 2024?

Gaming Numbers Hit Significant High Despite 2020 Woes

It’s hard to discuss the shift in consumer spending over the last five years without spending time focused on the 2020 pandemic that continues to hinder worldwide trade in myriad ways. However, figures highlighted by Axios show that real U.S. consumer spending at the best casinos has hit a high that was previously unprecedented. With spending now comfortably above $160 billion at U.S. floors, these are numbers that few would have predicted ever seeing after the slump caused by the enforced closure of venues across the country just four years ago. That same report goes on to explain that a poll of economic sentiment has shown an incredible upswing, alongside the stock market also displaying record figures. This suggests that times are changing and there is confidence once again within the wider populace when it comes to non-essential spending. That will certainly be welcome to a host of industries that continue to struggle with cost-of-living crises and consumer uncertainty hurting their bottom lines.

 

Some of the biggest players in the global financial landscape have weighed in with their own opinions and appear to mirror the sentiments outlined by the increasing casino spending. Asset management firm BlackRock are reported by Business Insider to be “bullish” on the continued positivity within the United States financial market as the Federal Reserve seeks rate cuts and the level of inflation continues to shrink. All of this confidence is based around the belief that 2024 will see the prospect of a recession pushed back once again and consumer spending and investments can remain high amid a healthy economic landscape. If the average American continues to spend, the stock market and the industries it represents will continue to grow and, in turn, provide reasons for businesses and private investors to be cheerful as this new year continues to unfold.

 

The Casino Within a Wider Context

Ultimately, this news requires looking at the gaming industry as it sits in place within the larger entertainment and leisure outlook. Given that 2020 to 2023 has largely been tumultuous for travel and tourism, it’s clear to see that there has been something of a recent pivot that has given consumers the confidence to return to previous habits and, in some cases, even extend them. That could be simply the passage of time, as the nightmares of travel bans and lockdown closures disappear into the background for many, but it could indicate larger shifts in behavioral changes. Information from Deloitte’s ConsumerSignals reports suggested that recreation had seen a year-on-year increase for all age demographics in its last iteration. It also highlighted that, despite disparities in demographic spending in many other categories, recreation and leisure was at a near-universal level, indicating that it is a priority no matter the age of the spender. Given that this has been the most precarious area of spending in recent years, it’s confidence-boosting to see a definite trend.

 

At the end of the day, it may be far too early for anyone to correctly predict the outcome of 2024 financially. Many episodes in history have highlighted the futility of attempting to make a bold claim early doors. However, there certainly is a much cheerier outlook than the beginnings of the last few years have heralded. If it is to continue, especially within precarious markets such as the casino industry, it could be an unprecedented time for consumers and investors with skin in the game. If that is to happen, it can only be seen as a net positive both for the U.S. as a whole and for its gaming industry, one which is renowned internationally and serves as one of its driving tourism lures.