What Businesses Need to Know About Consumer Spending During COVID-19
Tailor your brand voice to your target audience. Refocus on brand trust. Stay balanced and smart with spends.
The U.S is now in the midst of a recession. With 2nd quarter GDP numbers indicating a 32% contraction of the US economy and historic unemployment rates, U.S Consumers have seen a notable impact on their monthly budgets and the areas they are spending money. According to an eMarketer survey, 42% of US households have experienced a partial loss of income, with another 28% reporting they have supported a family member in need due to a loss.
So, how have spending dollars shifted for US consumers, and what can businesses do to adjust?
Download our analysis of U.S Consumer spending trends, as our team takes a deep dive into the foundational shift COVID-19 has caused and recommended steps to adjust for the change while continuing to foster brand growth.