Selective pullbacks in discretionary spend are offset by rising intent as the broader economy gains strength

Zeta Global (NYSE: ZETA), the AI Marketing Cloud, today released the July 2025 Zeta Economic Index (ZEI), revealing pockets of consumer optimism beneath a stabilizing economic backdrop. Powered by Zeta’s generative AI and real-time behaviors from over 245 million U.S. consumers, the ZEI delivers granular insight into how households are balancing caution and optimism as they navigate a still uncertain economic landscape.

The Zeta Economic Index synthesizes more than 20 proprietary indicators, including spending, browsing, and credit signals, across key sectors. While macroeconomic indicators capture broad GDP trends, the ZEI delivers insights into consumer intent and activity.

Despite a modest 0.3% month-over-month (MoM) dip in the Economic Index Score to 67.8, July’s data reveals a more nuanced economic picture. Discretionary Spend Propensity eased by 4.0% MoM, reflecting a pull-back on non-essentials. Credit Line Expansion Intent fell 5.6% MoM, as consumers reassess borrowing.

In contrast, Time Browsing Online rose 2.2% MoM, pointing to renewed planning for summer travel and back-to-school. And the New Mover Index jumped 11.2% MoM, an early sign of relocation intent rebounding into late summer.

Sector trends reinforce this selective behavior:

• Technology led gains with a 3.2-point increase, driven by broader AI and digital adoption.
• Automotive rebounded 3.1 points on top-of-funnel interest, even as purchase intent remains cautious.
• Retail slid 3.8 points, while Entertainment and Dining dipped 1.9 and 0.9 points, respectively.

Together, these crosscurrents show an economy that’s settling into a new normal, guided by consumers who know what they want and when to act.

"July’s ZEI reveals that strength today isn’t about spending more, it’s about spending smarter,” said David A. Steinberg, Co-Founder, Chairman, and CEO of Zeta Global. “By capturing these green shoots of optimism alongside areas of restraint, the ZEI equips marketers to turn uncertainty into clarity and helps them anticipate demand rather than chase it.”

July's sector view reflects a consumer mindset shaped by selectivity. Growth hasn't vanished but migrated toward sectors offering relevance, innovation, or seasonal urgency. As households navigate midyear pressures and possibilities, the market reveals not just where consumers are spending, but where they're thinking hardest.

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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