Consumer Closeness
in the Age of Social Distancing
Week of April 5th: Finances
Many Americans are still feeling 'up and down', with financial pressures taking a toll on peoples' spirits this week
%
Stressed/worried ?
%
Relaxed ?♀️
%
Anxious ?
%
Optimistic ?
%
Bored ?
The economy in particular is fueling concern and uncertainty, with collective sentiments reverting back negative
%
Decrease in overall positive emotions, compared to prior week
- Very concerned about the economy 64%
- Somewhat concerned 32%
- Not that concerned 4%
- Not at all concerned 1%
In addition to concerns about the economy at a macro level, many are facing new economic pressures at a very personal level
Changes in Household Income in the Wake of COVID-19:
- Partial loss of income 45%
- Full loss of income 13%
- No impact to income 40%
%
Have experienced at least some loss of income
%
Of those unaffected expect they might see a loss of income in next 30 days
New financial realities are weighing heavily on emotions
In order to understand underlying emotions related to current finances, we incorporated a unique & engaging implicit image elicitation exercise. The result? A deep understanding of the emotional context Americans are facing – beyond ‘concern’ and ‘worry’.
Participants were given a bank of projective images and asked to explain which best represents their feelings (Play the video to see what we heard) ?
Many are reprioritizing daily spending – focusing only on essentials
%
Have changed their spending
Limiting unnecessary expenses
“My wife has been the sole breadwinner for the last month, so we’ve had to focus on the essentials. Anything non-essential has gone by the wayside. So streaming subscriptions, fast food, alcoholic beverages, and a few others have been out of the question.”
“I am not spending any money at all and have canceled all auto-renews as well as 2 memberships that I had.”
“Spending less on entertainment and fun things. Making sure bills are paid and food’s on the table are more important.”
“I no longer spend any money on make-up or nails (both I’m passionate about but they’re not a NEED right now). I am only spending on things are an absolute necessity right now. No games, no clothes, nothing fun. Money goes towards soap, toilet paper, bleach and other things that are a NEED, not a want.”
Thinking ahead
“I’m a little bit more cautious on how I spend the money that I have just in case this virus drags on longer.”
“There are fewer opportunities to spend money due to the lockdown. Losses in investments are causing concern about future spending.”
“We’re only spending money on groceries, saving whatever we can to use for bills and in case there is more loss of income.”
“Big ticket” spending has also taken a hit
%
Are holding off on at least one previously planned big purchase
Top 10 big ticket items being held off:
Among Total:
- Car ? 15%
- Home improvement/renovation? 13%
- TV ? 13%
- Apparel ? 12%
- Furniture ? 11%
- Mobile phone ? 11%
- House ? 9%
- Personal computer/laptop ? 8%
- Gaming ? 8%
- Home appliances ? 7%
Despite these heavy financial realities, Americans are still looking for and finding light and connection during these times
People are finding inspiration everywhere, from companies making ventilators, neighbors helping neighbors & strangers helping strangers. These acts of kindness provide much needed reassurance that we’re all in this together…
“It is all the people sewing masks for medical staff. It’s the companies that are retooling to make ventilators that the hospitals need so badly. It’s people being kinder to other people.”
“I read about a landlord giving his tenants a break from rent and encouraging them to look after each other which is uplifting because it shows that there are still good considerate people in the world.”
“Schools have come together to make sure kids who might not know where their next meal is coming have something to eat…really awe-inspiring.”
“I love how communities are coming together to help each other and stay connected; giving food to neighbors, decorating windows for children walking outside, and just offering support.”
We also gave members of our conversational community the chance to share positive messages (and photos) with each other. The things they shared echo this powerful desire for togetherness…
Hover and click the arrows to see more
Catch up on past reports: Click here.
A word on our approach
This research is not just another COVID-19 survey. This study was conducted using immersive mobile messaging-based conversational exercises that capture robust quant data and emotive qual inputs in real-time from our mobile COVID-19 community members in one seamless experience. Take a look at the video to see a demo of how our technology works…
Fine Print:
Field dates 4/3-4/6, Base: n=319
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