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Spending outlook projects normal activity soon

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The news of re-opening businesses across the nation is boosting financial hope this week, with a 10 percent growth in optimism that spending will return to normal within the next 30 days. However, the outlook for virus decline has not changed.

San Diego-based Luth Research, a company that specializes in tracking digital data and market research solutions, began surveying their panel of consumers regarding their buying habits and concerns on March 16, 2020, and followed with seven consecutive weeks of surveying, showing how consumers have changed habits and behaviors during the pandemic.

From Luth Research’s most recent survey (April 29), many are saying they are ready to end quarantine and venture out into the public space again but feel social distancing is here to stay and will continue to be observed until the virus is under control.

A few trends to note over the past seven weeks:

  • Weeks 3-5 showed over half of respondents felt U.S. coronavirus outbreak would start declining within three months. Weeks 6 and 7 saw a shift to those thinking it may take six months or less.
  • Even with the less-than-optimistic view of the outbreak declining, more people feel their spending will return to normal sooner.
  • See full report for more trends: https://luthresearch.com/infographic/panelists-survey-data-coronavirus-week-of-april-27.

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