Segment 7: Financially fearful

Brady Silva | April 15, 2020

Nervous Nellies, what next?, transfixed

worried emoji to represent the financially fearful segment of consumers

As a group with higher instances of part-time or self-employment, and a high likelihood of children in the household, this female-heavy segment is hanging on by a thread.

Most believe the economic downturn will last through 2020 and onwards, and more than two-thirds are cutting costs. As expected, they are very concerned about the economy. Most are delaying purchases, buying only the necessities, or have already stocked up. They foresee long-term changes to their buying and behavioral habits. This group has slightly less education (45% did not get a college degree) and higher instances of part-time or self-employment, so they are likely feeling the economic downturn more than others. They also have the highest number of children in the household, so their budget has to go farther.

Not only are they stressed out from COVID-19, but they are also facing unemployment with nearly one-fourth of this group already out of work.

collage of social media posts from that demonstrate financial fearfulness@evawoodbycouldbe, @kingparkamonkey75, @delyannethemoneycoach@stefanieoconnel

Nearly one-fourth of consumers in this segment reported being out of work due to COVID-19. Prior to the crisis, their incomes were relatively comfortable (30% earning over $100K), so they could be anticipating issues maintaining their lifestyle while out of work.

  • Habit changes: "I plan to eat in more and buy less."
  • Biggest concern: "Getting the virus and possibly dying."

You've met "financially fearful," now get to know the other segments

meet the "nonchalant" segmentmeet the "business as usual" segmentmeet the "under-affected realists" segmentmeet the "prepared and aware" segmentmeet the "going it alone" segment meet the "doom and gloom" segment

Get the pandemic personas at your fingertips 

Download our PDF for insight on the seven segments of consumers we identified based on their reactions to the COVID-19 pandemic. Get a detailed breakdown of the segment profiles and learn more about how consumers' attitudes and behaviors have shifted since March.

Download the segment report