American consumers plan to spend more time at home, save more money, and continue COVID-19 restrictions, even when the pandemic ends.
Despite all the negativity surrounding COVID-19, the virus has positively impacted American culture.
New York, December 16, 2020: As the year of COVID-19 comes to an end, it’s impossible not to notice the changes people have made in their behaviors. Americans have altered the way they live their daily lives, and it’s safe to assume that many of these behaviors will continue long past COVID-19. It’s clear that a new American consumer will evolve from this pandemic.
Let’s start with some positive news because, despite all the negativity surrounding COVID-19, the virus has positively impacted American culture. Savanta data shows that:
- Families are connecting. 52% of Americans are focusing more on their family, and 38% of Americans are focusing more on themselves.
- Americans are saving money. 30% of the consumers have been able to save more money during the Covid-19 pandemic.
- Americans are learning. 30% of consumers have picked up new hobbies.
- Americans are moving. 29% of the consumers have done more physical activities during the Covid-19 pandemic.
- Americans are improving their homes. 25% of the consumers have been able to make home improvements since the start of the pandemic.
Home is where the heart is
Savanta data shows that Americans will continue to spend more time at home when the pandemic passes. Over half (53%) will continue to cook at home, and just less than half (47%) will shop online more. All this extra time at home has consumers spending more time and money on home improvements. 23% of Americans plan to spend more money on household products, and 22% plan to spend more on DIY home improvements after COVID-19.
While many Americans are tired of video conferencing, 25% will continue to use it as a way to stay connected to friends and family, and 30% will continue to keep in touch via increased phone calls. 22% plan to upgrade their home entertainment systems to enjoy more quality time at home.
The health of Americans is on the line
Of course, all this time at home has its drawbacks as well. We can’t overlook the impact COVID-19 has had on consumer health and consider how these changes may affect spending habits. More money may be spent on healthcare, especially mental health services. It’s startling to learn that 56% of Americans are concerned about their physical health. 49% of Americas feel more anxious and isolated, and 45% are worried about their mental health.
Wallets are taking a hit
Financially, the pandemic has taken its toll, and is changing consumer attitudes about money. Savanta reports that 49% of consumers are taking fewer risks with their money. 42% realize the value of saving and are putting more money away for a secure future. With fewer businesses open to allow for spending, 41% of consumers are saving more than they did before the pandemic and 27% of the consumers see the pandemic as an opportunity to invest in the stock market. While Americans have been severely impacted financially by COVID, they are using it as an incentive to save more and spend less.
A path to normalcy
Even with the recent rollout of vaccines, many Americans are in no hurry to return to normal. Savanta data shows that 38% of the consumers will continue to stay socially distanced from other people, and 38% will avoid large gatherings after COVID-19 restrictions end. We can also expect to see masks for quite some time. 36% of consumers will continue to wear a mask while interacting with others when restrictions are over. Only 28% of Americans plan to continue life as it was before COVID-19.
While we don’t know what the new normal will look like, we understand that some factors will help Americans feel that a sense of normalcy is possible. 64% of the consumers believe that a widely available vaccine will help us return to normal. 55% of Americans feel that decreased COVID counts will help us return to the status quo. 51% believe that mandatory masking could help us bounce back, and (30%) feel that increased government spending could help them feel like they did before the virus.
Room for celebration
Even with attitudes changing, American’s have not lost their love of celebrations. Americans are looking forward to COVID-19 being a pandemic of the past, and many plan to celebrate. Savanta reports that 37% of Americans plan to go on a vacation in the next year, and 36% plan to celebrate the pandemic’s end. 18% of Americans plan to buy a new car, and 21% plan to improve their homes.