Consumers Wary As Purchasing Resumes
The pandemic may be loosening its grip, but that doesn’t mean that consumers are feeling expansive. While many reports show increased consumer spending, a recent study conducted by Alchemy Worx and YouGov shows some consumers are feeling cautious (43%), mindful (34%) and hesitant (26%) about spending money. Moreover, consumers have certain expectations about brand behavior. Receiving communications even after unsubscribing (39%), receiving too many emails (35%) and items arriving much later than expected (34%) are among the most deterring brand behaviors.
Attitudes regarding spending also vary by generation. The study revealed that while Gen Z consumers are taking more time to think about big purchases, while Millennials are making smaller, more impulsive purchases. Gen X is looking to spend money on travel in the coming months, while Boomers are the least optimistic about spending money at all.
“What we’re seeing now is a consumer that is simultaneously hesitant to spend but also excited to get back into the world,” states Allan Levy, CEO of Alchemy Worx. “While still focused on purchasing the essentials, consumers are eager to begin shopping again, especially for goods that align with their summer plans and perceptions of status.”
Read more Consumer Spending Snapshots insights . (Media Post, 06.30.21)
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