Even after the pandemic ends, U.S. consumers plan to spend less

Although consumers are optimistic about the end of the epidemic , many Americans are still sticking to the purchasing habits they formed during the epidemic .

In a new survey by AlixPartners, more than a third of U.S. consumers said that their changing purchasing habits due to the pandemic will continue even after the pandemic ends. 36% of this group said that they spent less during the pandemic, but they still plan to spend less even after the pandemic ends. In addition, 20% of respondents said that while they did not plan to spend less , they would change the product categories and brands they purchased.

Among other findings, 26% of Americans are interested in trying new food brands, 24% are interested in trying new retail brands, 27% are interested in trying new travel and leisure brands, and 37% are interested in trying new restaurant brands. And, due to clear changes in the market, 51% of respondents reported spending less in the past three months and re-evaluating their "essential" spending.

The survey also showed that 73% of American consumers are optimistic about vaccines and the future, up from 67% previously .

At the same time, another survey result showed that among the 18-34-year- old group , who account for the highest proportion of consumer spending , 62% said they intended to reduce, increase or shift spending to other categories and brands. This percentage is much higher than the 40% average for consumers of all ages .

“As the changes brought on by the pandemic become clearer, it becomes easier to see which ones are likely to stick, ” said David Garfield, global leader of AlixPartners’ Consumer Products practice and head of the Americas practice. “One of the most important things I think is that we are seeing the rise of the ‘conscious consumer’ – a consumer who in some cases plans to spend less, and in all cases plans to be more careful about how and where they spend.”

Garfield added that to reach today’s changing consumer, companies and brands themselves must pay more attention to who they are trying to serve and how to do so profitably.

"In addition, companies and brands must open up various links and change their previous models, which will add additional costs to many consumers , " he said.

epidemic

USA

Consumption