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“The unpredictable pace of the spread of COVID-19 is worrying, but consumers have remained optimistic about their finances throughout this pandemic and the subsequent recession. Time will tell how deeply consumer finances will be affected, but right now, consumers are most definitely holding out hope for themselves, while their confidence in the US economy is wavering.”
– Jennifer White Boehm, Associate Director, Finance and Auto Reports

Key issues covered in this Report

  • The impact of COVID-19 on consumer behavior and their economic outlook
  • Opinions on the US recession
  • Changes in spending behavior due to the recession
  • Views on the future of consumer finances

What's included

What's included

Table of contents

Table of contents

  1. Overview

    • Scope
      • Key issues covered in this Report
        • Definition
          • Additional Analysis
            • COVID-19: US context
            • Executive Summary

                • Top takeaways
                  • Times are tough, but consumers’ optimism hasn’t been defeated
                    • Consumers are willing to change their spending habits, but not by much
                      • Recession and COVID-19 spending changes are intertwined
                        • Market overview
                            • Figure 1: Key economic indicators as of June 2020
                          • Opportunities and Challenges  
                            • Re-emergence
                              • Recovery
                              • State of the Economy

                                • Economic overview
                                  • Figure 2: Key economic indicators as of June 2020
                                • After massive layoffs and furloughs, US unemployment starts to dip once again
                                  • Figure 3: Unemployment and underemployment, January 2007-June 2020
                                • Consumer confidence craters as the pandemic rages on
                                  • Figure 4: Consumer Sentiment Index, January 2007-June 2020
                                • DPI increased more than 13% due to government stimulus package
                                  • Figure 5: Disposable personal income change from previous period, January 2007-June 2020
                                • GDP drops nearly 33%
                                  • Figure 6: GDP change from previous period, Q1 2007-Q2 2020
                                • Personal saving rate spikes, then immediately begins to fall
                                  • Figure 7: Personal saving rate, monthly, seasonally adjusted annual rate, January 2007-June 2020
                              • Current Financial Situation

                                • Majority of consumers still consider their financial situation healthy/OK
                                  • Figure 8: Current financial situation, May 2020
                                • Year over year, confidence is slightly diminished, but consumers are still “OK”
                                  • Figure 9: Current financial situation, Q1 2017-Q1 2020
                                • Youngest generations are most likely to struggle
                                  • Figure 10: Current financial situation, by generation, May 2020
                                • Income is clearest indication of economic health
                                  • Figure 11: Current financial situation, by income level, May 2020
                              • Future Financial Situation

                                • Consumers don’t think their finances will change much by 2021
                                  • Figure 12: Future financial situation, May 2020
                                • Older consumers will maintain level of wealth, while younger consumers look for more
                                  • Figure 13: Future financial situation, by generation, May 2020
                                • One in five consumers, regardless of income, think they’ll be worse off in the coming year
                                  • Figure 14: Future financial situation, by income, May 2020
                              • The US Recession

                                • Consumers set their sights on “swoosh”-shaped economic recovery
                                  • Figure 15: Possibility of US entering a recession, May 2020
                              • Potential Loss of Income

                                • Most consumers not prepared to survive temporary loss of income
                                  • Figure 16: Opinions on potential for job or income loss, May 2020
                                • 25% of Millennials fear losing their job in a slow economy
                                  • Figure 17: Opinions on potential for job or income loss, by generation, May 2020
                                • Lower income families less financially prepared for job loss
                                  • Figure 18: Opinions on spending and economy, by income, May 2020
                                • Consumers would be “OK” six months after losing job
                                  • Figure 19: Financial situation six months after job loss, May 2020
                                • Regardless of age, consumers would still struggle after job loss
                                  • Figure 20: Financial situation six months after job loss, by generation, May 2020
                              • Spending Behaviors

                                • Half of consumers would change spending habits in a recession
                                  • Figure 21: Opinions on changes in spending behaviors, by generation and household income, May 2020
                                • Travel, dining out are the first recession casualties…
                                  • Figure 22: Opinions on changes in spending behaviors, ranked, May 2020
                                  • Figure 23: Opinions on changes in spending behaviors, any rank, May 2020
                                • …but COVID-19 still affects these same activities
                                  • Figure 24: Comfort level of certain behaviors due to COVID-19, July 2020
                                • Consumers are holding off on major purchases in the short term
                                  • Figure 25: Spending behaviors – past and future, May 2020
                                • Consumers are saving, but not necessarily reducing debt load
                                  • Figure 26: Saving behaviors – past and future, May 2020
                              • Appendix – Data Sources and Abbreviations

                                • Data sources
                                  • Consumer survey data
                                    • Direct marketing creative
                                      • Abbreviations and terms
                                        • Abbreviations
                                          • Terms

                                          About the report

                                          This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                          • The Consumer

                                            What They Want. Why They Want It.

                                          • The Competitors

                                            Who’s Winning. How To Stay Ahead.

                                          • The Market

                                            Size, Segments, Shares And Forecasts: How It All Adds Up.

                                          • The Innovations

                                            New Ideas. New Products. New Potential.

                                          • The Opportunities

                                            Where The White Space Is. How To Make It Yours.

                                          • The Trends

                                            What’s Shaping Demand – Today And Tomorrow.

                                          Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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