March's Zeta Economic Index (ZEI) Indicates Economic Cooling as Consumer Confidence Wanes

Travel Sector Shows Seasonal Strength While Overall Economy Exhibits Softening Trends

Zeta Global (NYSE:ZETA), Zeta Global (NYSE), the AI Marketing Cloud, today released the Zeta Economic Index (ZEI) for March 2025. Powered by Zeta's proprietary generative AI technology and real-time consumer behavior from over 245 million US consumers, the ZEI provides an insightful view of the strength and momentum of the US economy.

The March report indicates a growing decline in consumer sentiment, but spending patterns suggest that economic activity remains steady. While concerns about the broader economy continue to rise, real-time behavioral data shows that many consumers are still engaging in discretionary spending—particularly in travel—indicating a more complex economic landscape.

"What stands out in this month's ZEI is that while we're seeing consumers express increased concern about economic conditions, their spending behaviors are adjusting more gradually than sentiment alone would suggest," said David A. Steinberg, Co-Founder, Chairman, and CEO of Zeta Global. "While people are expressing more concern about the economy, their actual behavior tells a different story: one of relative resilience in key areas. The evolving relationship between consumer sentiment and spending means there are still valuable opportunities for businesses if they know where to look."

The Economic Index Score (EIS), the ZEI's primary measure of US economic health, declined to 68.3, marking a 3.2% month-over-month (MoM) decrease and continuing a softening trend from late 2024. Despite this decline, overall economic activity remains within the "Active" range, indicating that economic stability remains intact.

Additional takeaways from the March 2025 ZEI:

• Discretionary Spend Propensity decreased 2.1% MoM, reflecting a more cautious approach to non-essential purchases. Meanwhile, Retail Sales Activity, a measure of actual consumer spending, posted a minimal 0.1% increase, essentially flat compared to February, suggesting consumers are becoming more deliberate with their spending decisions.
• Travel emerged as a bright spot in March, rising 3.4 points MoM, largely driven by seasonal Spring Break activity. This uptick is in contrast to broader industry softening and highlights continued consumer willingness to prioritize certain experiences despite overall caution.
• The New Mover Index dropped sharply by 7.0% MoM, indicating that larger financial commitments like relocating or purchasing homes are being delayed as uncertainty grows. This pullback may signal waning confidence in longer-term economic prospects.
• Flat to down in online interest across sectors. When looking at online interest across sectors, Entertainment fell 2.9 points as consumers reduced spending on non-essential experiences, while Retail dropped 1.1 points. Technology, Healthcare, and Dining all remained largely flat, reinforcing a broader pattern of economic caution.

Unlike traditional surveys, the ZEI leverages Generative AI to analyze trillions of behavioral signals, recalibrating each month to reflect actual consumer activity. With insights derived from over 20 proprietary inputs, the index provides a comprehensive, real-time view of economic sentiment, activity, and spending trends.

The Zeta Economic Index is publicly available here and is provided as a complimentary service. It should not be considered investment advice or be relied upon to make investment decisions.

About Zeta Global

Zeta Global (NYSE:ZETA) is the AI Marketing Cloud that leverages advanced artificial intelligence (AI) and trillions of consumer signals to make it easier for marketers to acquire, grow, and retain customers more efficiently. Through the Zeta Marketing Platform (ZMP), our vision is to make sophisticated marketing simple by unifying identity, intelligence, and omnichannel activation into a single platform – powered by one of the industry's largest proprietary databases and AI. Our enterprise customers across multiple verticals are empowered to personalize experiences with consumers at an individual level across every channel, delivering better results for marketing programs. Zeta was founded in 2007 by David A. Steinberg and John Sculley and is headquartered in New York City with offices around the world. To learn more, go to www.zetaglobal.com.

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