The next normal is beginning to emerge, and consumers indicate some of their behavioral changes may stick over the long term.
US consumers’ optimism has declined slightly over time, with 32 percent of consumers expecting an economic rebound within two to three months. Half of consumers reported a reduction in spending in the last two weeks, and looking ahead, 32 percent of consumers say they will reduce their spending over the next two weeks. However, discretionary spending intent is starting to rebound since our first survey, led by food, alcohol, and personal-care services. Consumers intend to increase online shopping in groceries and entertainment, a shift that has been driven primarily by millennials and higher-income consumers.
Consumers are starting to adopt new behaviors, including shopping on new websites for basics, shopping at new grocery stores, trying restaurant and store curbside pickup, getting groceries delivered, using telemedicine, and trying videoconferencing for professional or personal reasons. There are several additional categories where consumers are increasing their participation, such as entertainment streaming and quick-service restaurant drive-thru.
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