According to First Insight’s latest consumer survey, consumer worry is down for the first time since the peak of the COVID-19 pandemic — dropping to 59% compared to 87% just one year earlier, in April 2020.
First Insight’s study looked at surveys taken by consumers over time, starting in February 2020, to better gauge overall concern about COVID-19 and how it will affect shopping and purchase behaviors.
Despite saying they are less worried about the virus overall, consumers said spending behaviors are unchanged with many not quite ready to begin spending at pre-pandemic levels. In fact, the survey revealed that six in 10 consumers continue to say that they expect to cut back on spending from pre-pandemic levels, which is only a slight improvement (59% versus 62%) over the previous year. Researchers of the report said the findings suggest that consumer spending habits may be undergoing a long-term shift.