U.S. Healthcare Consumer Pulse Check: Resilient, but Uneven

Resilience remains, but the U.S. consumer is operating “under pressure,” with less margin for error. Part one of the Consumerism in Healthcare series provided a macroeconomic backdrop and explored impacts of and on the US consumer. Part two dives into growing industry trends around care delivery and affordability. Part three will take these analyses further, accounting for changing behaviors in evaluation and consumption of healthcare services. These articles study current trends in consumerism, specific to U.S. healthcare, as well as how providers, payors and policymakers have driven and responded to these changes.

Executive Summary

Part II

Rising healthcare costs are reshaping consumer behavior: Premiums, out-of-pocket expenses, and medical debt continue to increase, placing greater financial burden on households and driving affordability concerns across the U.S.
Patients are transitioning from passive recipients to active decision-makers: As individuals bear more costs (now ~28% of total healthcare spending), they are increasingly shopping for care, comparing options, and influencing market dynamics.
Industry competition and innovation are accelerating: Growth in telehealth, AI-enabled services, and new market entrants (including private equity-backed firms) reflect rising demand for convenience, accessibility, and consumer-centric care models.
Policy and regulatory changes are reinforcing consumerism: Initiatives such as price transparency, value-based care, and site-of-service shifts are aimed at improving affordability and patient experience while influencing provider reimbursement.
Care delivery is shifting toward lower-cost, outpatient settings: Health systems are reallocating resources to ambulatory and home-based care as patients and payors prioritize cost efficiency and convenience over traditional inpatient models.
Insurance models are evolving amid market pressures: Growth in high-deductible plans, emerging defined-contribution approaches (e.g., ICHRAs), and instability in ACA exchanges and Medicare Advantage are reshaping coverage options and increasing consumer responsibility.

Consumerism in Healthcare Series - Part II

Part I

Consumer spending remains supported, but the backdrop is increasingly “K-shaped” – i.e., stronger for higher-income consumers and asset owners, who realize compounding benefits from saving in a rising stock market; and more constrained for lower-income cohorts, who share less in that generation of wealth.
The labor market is cooling, yet wage growth remains positive even on an inflation-adjusted basis, which is helping to sustain aggregate spending.
Inflation remains above the Federal Reserve (Fed)’s 2% target; however, retail sales have yet to moderate in the data, but price-level fatigue continues to weigh on sentiment.
Household finances are stable at the aggregate level, but credit usage and delinquency trends underscore pockets of stress.
Annual healthcare benefit costs have continued to rise too, estimated at an additional 8.5% for group plans through 2026, and patients and employers are hunting for ways to reduce these expenses.
Macro-economic factors impacting the US consumer will drive behaviors that change the healthcare industry in a variety of ways.

Consumerism in Healthcare Series - Part I

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