We’ve been monitoring consumer sentiment during the COVID-19 crisis for four months now. Our most recent wave was completed last week. Below are three key highlights:
Consumers continue to be worried about the future.
As many States are loosening their stay at home orders, consumers are still worried about the future. Many of their lives continue to be disrupted. Seventy percent are concerned about the long-term stability of the U.S. economy. Sixty-eight percent believe it will take 12 months or longer for things to get back to pre COVID-19 levels. Also, 60% of respondents are concerned about themselves or family members contracting the virus.
Shopping online is going to continue.
Nearly half (47%) of adults have increased their online shopping. The lock-downs caused most of this increase, but 65% of adults plan to continue this behavior in the future. That’s largely because adults don’t think businesses will be able to re-open as usual very soon.
Streaming and gaming will continue until things get back to normal.
Another direct impact of the lock-downs was the increase in streaming and gaming services. Fifty-five percent of adults have increased the time spent with streaming services and 28% with gaming services since the start of the COVID-19 crisis. Going forward, 58% of adults plan to continue to use streaming services, and 55% plan to continue to use gaming services.