79% of Americans say they will continue to spend less and save more even after the pandemic

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 19, 2020, 9:20 AM UTC

More than two-thirds of Americans would also avoid nonessential travel, according to a recent Harris Poll survey.

With the COVID-19 pandemic severely affecting the US economy and pushing unemployment rates, people are looking to save money. As a result, retail sales in the country plunged 16.4% in April, the single greatest two-month spending decline on record. 

According to the Bureau of Economic Analysis (BEA), the personal savings rate went up to 13.1% in March, the highest savings rate since November 1981. A USA Today/Ipsos poll further found the pandemic has triggered 12% of respondents into starting an emergency fund.

BEA stated that both personal income and disposable personal income in the US decreased by 2% during the lockdown period. Further, personal consumption expenditure decreased by 7.5% or $334.6 billion in the same period. 

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