By: First Union
Consumer Spending In This Climate
Several firms have tried to gauge how the lockdown has affected consumer spending both in terms of the larger picture and also on a more segmented level. Below are a few of the trends that were discovered as a result of one such survey…
Women are more impacted by the lockdown regarding how much they spend
Nearly sixty percent of women surveyed did say that their spending habits were altered in this climate. Whereas just over fifty-five percent of men said the same.
Men tend to stockpile more
47% of the men interviewed said that yes, they are stockpiling during the crisis. Of the women asked, their numbers came in at just under forty percent as far as stockpiling tendencies. Men additionally, seemed to be more apt to want to cut down on overall spending: 54% versus just over 40% of women surveyed.
Baby Boomers had the most behaviors shifts
When it comes to going into the public sphere, almost 75% of Boomers surveyed said that it has impacted their behavior on this front. As far as the other generations included in the survey: Gen Z was at 65%, Millennials reported 72% and Gen X was also at 72%. Not only that, but in general, more and more Baby Boomers moved their shopping online during the crisis, as the results show a near 35% increase in Boomer behavior regarding online purchasing.
Baby Boomers are less inclined to cut back on spending overall
Compared with the other generations interviewed, Baby Boomers were not as apt to cut back on their pandemic spending. Just under forty percent said that yes, they cut back while on lockdown. The other generations answered as follows: Gen X, 54% said they cut back. Millennials came in at 49% and Gen Z was at 51%.
Baby Boomers have shown the biggest increase when it comes to stockpiling groceries
Overall, just over forty percent of all included in this survey did say they were stockpiling food. Baby Boomers incidentally showed a significant increase throughout the crisis—going from ten percent to nearly 35%.
Due to product availability and shortages, more people shop online
A growing number of people have turned to online shopping in light of product shortages and brands not being available. During two months, there was an over sixty percent increase in the number of people saying they now shop primarily online. This number almost directly correlates to the people who say they are no longer regularly shopping within stores.
Almost all fear a negative economic impact
A whopping 98% of respondents said that they do fear the economic impact that the pandemic will ultimately have on the country. The most worried among the generations asked were the Baby Boomers with over eighty percent anxious about what is to come.