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This research analyzes US consumers' spending and saving patterns, as well as their concerns in Q2 2020, and gives an outlook on the developments ahead. It leverages data from The Conference Board® Global Consumer Confidence Survey, which was conducted in 68 markets, including the US, from May 7-26, 2020, as the COVID-19 pandemic grew in the US while Asian and European economies were reopening.
For a closer reading of the tea leaves on consumer behavior in the Food & Beverages sector, see the companion report: Category Insights—Food & Beverages
EXECUTIVE SUMMARY
The changes in US consumers’ consumption and saving behavior recorded in Q2 2020, as well as their top concerns, reflect the new realities that the COVID-19 pandemic established: the health and economic scare, vastly more time spent at home, and the temporary closing of a large portion of consumer businesses, especially service-focused ones (e.g., restaurants, hotels, movie theaters, sports arenas, spas).
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