A survey was conducted by McKinsey & Company.
The study found that over the next two weeks, 46% of US consumers are planning to reduce their spending. Over the next two or three months, 37% of Americans believe the economy will rebound.
Currently, 44% of respondents are delaying their purchases. 92% of participants expect normalcy of routine to be restored in “two or more months”. Over that time, 76% of those polled are expecting an impact on their finances.
Further, discretionary purchases across travel, out-of-home entertainment and home furnishings has gone down 59%. Following a similar trajectory, apparel and footwear is down 60%. Additionally, the pandemic has led to 9% of those surveyed to having tried video conferencing for the first time for either professional or personal reasons.
[1 minute read]