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The percentage of consumers worried about their finances is on the rise again following a two month cooldown, according to new research from Numerator. Not surprisingly, consumers are also worried about the economy and a recession. The good news? Consumer concerns about Covid are down.
Numerator tracks purchase data and surveys buyers to monitor shifts in consumer behavior. The company’s monthly Consumer Sentiment Study keeps a pulse on how consumers are feeling about the economy, the pandemic, and other emerging market influences.
Here’s more from the company’s latest survey:
-After a cooldown the past two months, financial concern rose once again in October, with 40% of consumers citing personal finances as their top concern for the coming months.
-65% of consumers have a high level of concern regarding the economy, up five points from last month.
-74% of consumers feel as though the country is in an economic recession, and 71% believe it will worsen in the next few months.
-For all shoppers, rising prices on essential goods and services and rising prices on gas/fuel are the main economic concerns (72% of consumers, each).
-Consumers say they’re currently uncomfortable splurging on premium items (75% of consumers) or taking money out of personal savings/retirement accounts to spend (72%).
-Spending cuts are common across income levels; shoppers anticipate cutting back on eating out (44%) and travel (41%) in the coming months to offset rising prices.
-However, while consumers are increasingly concerned about the economy, pandemic concerns have dropped significantly. Only 4% of consumers cite the pandemic as their primary concern in the next few months. For the first time since the beginning of the pandemic, the portion of consumers with a “high level” of concern over Covid-19 (25%) fell below those with a “low level” of concern” (26%).