Nervous Nellies, what next?, transfixed
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.
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."