Consumers remain wary about prospects for the economy, planning to cut back on eating out and travel, according to market researcher Numerator, but they are less concerned about the COVID-19 pandemic than they have been.
As part of its monthly Consumer Sentiment Study, Numerator recently polled consumers and discovered:
- 64% of respondents had a high level of concern regarding the economy, slightly up from last month.
- 70% of consumers felt as if the country is in an economic recession.
- 78% believed inflation will increase in the next few months.
- 77% of consumers said rising prices on essential goods and services are their main economic concern followed by rising prices on gas/fuel, at 67%.
- 74% of consumers indicated that they’re currently uncomfortable splurging on premium items and the same number are nervous about taking money out of personal savings/retirement accounts to spend.
- 58% of consumers were uncomfortable investing in the stock market, 59% were leery of spending on non-essential travel and 60% were concerned about spending on non-essential items in general.
- 46% of respondents anticipated cutting back on eating out and 41% on travel in the coming months as they try to offset rising prices.
Just 6% of consumers cited the pandemic as their primary concern as they look ahead over the next few months, and 76% stated that we will learn to live with COVID rather than returning to what might have been considered normal.