Concern about coronavirus hits highest level since the pandemic onset in March 2020
Pittsburgh – A new consumer study conducted last week by First Insight indicates that the Delta variant is negatively affecting U.S. consumer confidence.
The survey of more than 1,000 people saw a 25% increase over last month in the number of consumers who said they are “very or somewhat worried” about the Coronavirus, from 51% to 64%, the highest one-month jump recorded since March 2020. As a result, 56% of the consumers surveyed last week will be cutting back on their spending, an increase of 8% over last month.
Moreover, the survey found that 90% of the unvaccinated have no plans to change course even as restaurants and businesses across the country are beginning to implement proof-of-vaccine mandates.
“I believe the trends we’re seeing may very well lead to families hunkering down again and curtailing experiential spending, especially for domestic and international travel, and shifting this spend toward physical products, including back-to-school items,” said Greg Petro, CEO of First Insight.