As the pandemic resurges, consumers remain anxious about their health. And while unemployment has fallen, worry about job security is holding back spending.
Key insights about US consumers from Deloitte’s State of the Consumer Tracker
- COVID-19 continues to weigh on people’s concerns about their well-being (figure 1). In the latest survey, 33% of respondents were more anxious than the prior week. While 52% of respondents were concerned about their health, 63% appeared worried about the health of their immediate circle of people.
- The pandemic has left people worried about certain places and activities where interaction with others is inevitable. For example, 58% of survey respondents were still wary of attending in-person events, while nearly two-fifths did not feel safe to visit bars and restaurants (figure 2).
- Consumers, however, appear more willing to go to stores than at the beginning of the pandemic. Yet COVID-19 has forced certain changes in behavior. For example, people appear to be stocking more than what they need immediately and are fine with spending more for convenience in purchases (figure 3).
- It’s not just the virus that is weighing on consumer spending—labor market conditions are also playing a part. While improving since April, unemployment is still relatively high compared to 2019. And many of those who are employed—36% of survey respondents—remain concerned about their jobs (figure 4).