37% US consumers believe that the economy will rebound in the next two to three months

New Ideas in MarketingEssential news for marketers, summarised by YouGov
April 13, 2020, 1:22 AM UTC

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.

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