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64% of consumers feel as though the country is in an economic recession.

Shoppers worried about uptick in COVID-19; 59% concerned about economy

More than half have a high level of concern about the economy, remaining steady from August

Numerator continues to track purchase data and survey verified buyers to understand shifts in consumer behavior. The monthly Consumer Sentiment Study keeps a pulse on how consumers are feeling about the economy, the pandemic and other emerging market influences. Here’s what was learned from the August survey: 

  1. 59% of consumers have a high level of concern regarding the economy, remaining steady from August
  2. 64% of consumers feel as though the country is in an economic recession, and 65% think the U.S. economy will worsen in the next few months. 74% think inflation will increase in the next few months
  3. Over the next few months, 40% of consumers say their primary concern will most likely be personal finances
  4. 75% of consumers say rising prices on essential goods and services is their main economic concern, followed by rising prices on gas/fuel (70%)
  5. Consumers are more concerned about the economy’s impact on retirement savings or pension plans than they were in August (42%, +4 points)
  6. Consumers are still uncomfortable with discretionary spending – 72% are uncomfortable splurging on premium items, 71% are uncomfortable taking money out of savings or retirement accounts, and 55% are uncomfortable spending money on non-essential items
  7. In response to inflation and rising prices, consumers plan to cut spending on dining out (44%) and travel (38%). 27% do not expect to cut back on spending
  8. COVID-19 concerns jumped in September, with 24% of consumers reporting a high level of concern, compared to 15% in August. 

Stay tuned for upcoming data on topics such as Amazon Prime Big Deal Days and pumpkin spice.

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