In January 2021, KPMG polled 1000 consumers across the U.S. to learn about the effects of COVID-19 on their income, employment, sentiments around the economy, purchasing preferences, and predictions for spending across grocery, apparel and home improvement.
Conservative optimism on the road to recovery
Most consumers still believe that economic recovery will take longer than initially expected. However, spending across categories may return sooner than the full recovery. Twenty-seven percent (27%) of our survey respondents expect to spend at pre-COVID-19 levels within 6 month, and another 26% expect to spend at that level within a year.
Only about 60 percent of consumers we surveyed in January expect economic recovery from COVID-19 in less than 2 years.
Consumers in our January survey are slightly more optimistic about their return to pre-COVID-19 levels of spending. Sixty-nine percent expect their own spending recovery within 2 years.
Notes: (a) KPMG conducted four surveys of 1,000 consumers across the United States and in all instances they were asked the questions, “When COVID-19 is under control, how long do you think it will take for the overall economy to rebound to pre-COVID-19 levels?”and “When COVID-19 is under control, how long do you think it will take for your spending to return to pre-COVID-19 levels?”
Sources: (1) KPMG Consumer survey, fielded January 8, 2021 – January 15, 2021