Seven. That’s how many months a run of improving consumer optimism lasted, according to a new poll that shows an increasing share of people cutting back their spending because of the pandemic.
Fifty-six percent of respondents to an Aug. 5 survey by First Insight said they were reducing their spending below pre-pandemic levels, compared to 52% in July. It was the first of four polls taken since January showing an increase in the share of people being more cautious. First Insight, a business analytics company, has conducted polls periodically since February 2020. Targeted samples of more than 1,000 people around the country are part of each one.