The impact of Coronavirus on consumer spending in the US
With over 16 million in the US losing their jobs in just 3 weeks and consumers still under coronavirus lockdown, the country’s spending power has suddenly been crippled. Half of US adults in our latest survey say their flexible monthly expenses will drop during the pandemic, wreaking havoc on most industries. To begin to unpack how consumer-facing industries will be affected, we asked 2,006 US adults between March 20th and 25th how they expect the pandemic will impact their usual purchasing behavior.
Despite the economic turmoil facing most industries, for some (extremely lucky) categories that can provide at-home entertainment (e.g. streaming services, online gaming, and children’s toys) our new homebound existence will drive up sales. We’ve invited Clark Nesselrodt of Brilliant PR & Marketing, the leading agency focused on brands targeting parents and families, to illustrate the unique impact COVID-19 is having on the kids’ category, at a time when parents are suddenly on-call to educate and entertain their little ones 24/7.
Read the full report here: