The US economy could see a U-shaped recovery that takes one to two years, as per 42% of CEOs (Visual Capital).
As people adjust to the “new normal”, around 53% Americans believe their personal finances will continue to be impacted by COVID-19 for at least over four months. While the unemployment rate dropped to 8.4% in August 2020, compared to April’s 14.7%, 40% say they want to save money when purchasing.
58% of Americans are still concerned about infectious diseases. This has led consumers shifting to digital and touchless delivery. Also, 77% of consumers have tried new shopping methods amid COVID-19.
Further, with retail and out-of-home dining options reopening, bar usage and clothing, accessory sales increased 5% and 3% respectively. Post COVID-19, 94% of consumers would continue to compare prices and use multiple websites at least once before purchasing.
[11 minute read]