Sunday, June 26, 2022
  • Login
CEO North America
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
  • Home
  • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
    • Environment
  • Opinion
  • News
  • Multimedia
No Result
View All Result
CEO North America
No Result
View All Result

The Consumer Sentiment Series: November 2021: Lingering Concerns

in Industry
Opec+ sticks to production growth plan
Share on FacebookShare on Twitter

It’s a nagging feeling that we just can’t move on—that’s how US consumers seem to be experiencing the pandemic today. On the one hand, concerns over COVID-19 have receded, as only 27% of respondents to our most recent consumer sentiment survey believe that the worst of the pandemic still lies ahead, compared with a high of 77% in March 2020. But on the other hand, more than 50% of respondents continue to express both worry and frustration about the situation. Their worries focus not only on the potential for a spike in COVID-19 cases or the emergence of a new variant, but also on the impact of the continuing disruption on the economy and on their own finances: 80% of consumers said that they were concerned about the rising prices of goods and services. Many survey participants have seen significant price increases and expect this inflation to continue next year. As a result, more people—especially those with incomes below $100,000—are reducing the quantity of products they buy, switching to lower-priced brands, and seeking out discounts and promotions. And as economic pressures have intensified, consumers have become more likely to identify economic and financial concerns as reasons for cutting back on activities and spending.

Adjusting to Disruptions

As we approach the holiday season, US consumers are altering their buying behavior in response to supply chain disruptions. In our survey, 73% of respondents said that they had encountered stock-outs, 46% delayed deliveries, and 41% increased wait times at restaurants or retailers. Faced with these challenges, consumers are delaying purchases, buying online, switching brands or stores, buying less, or buying earlier in anticipation of a delay. And for the coming holidays, consumers say that they expect to spend less, buy earlier, and shift more of their spending online. This trend toward earlier holiday buying may temporarily prolong the appearance of forward buying, but we are seeing the pattern of forward buying in most categories begin to slow.

Vaccine Confidence

US consumers’ confidence in the effectiveness of available COVID-19 vaccines remains high, and more than 80% of those who had already received one said that they plan to get a booster. Consumers are split, however, on the question of support for vaccine mandates for parents and children.

Priorities Revisited

We have observed a number of significant changes in consumer behavior over the past year that may reflect a broader reevaluation of individuals’ priorities. For example, many survey respondents—particularly hourly employees—have decided to switch jobs or leave the workforce entirely. Consumers also say that they are prioritizing health and exercise, and we have seen a shift toward more in-home exercise.

Making Travel Plans

Finally, survey respondents’ concern over travel continues to fade, as 72% of them said that they expected to travel for a vacation in the next six months, and a larger percentage of respondents anticipated traveling for the Thanksgiving and December holidays in 2021 than in the prior pandemic year. With so many signs of continued light, we can only hope for further progress as we turn the calendar to 2022.

(Courtesy BCG/By Lauren Taylor, Lara Koslow, Greg McRoskey, and TR Geng)

Tags: BCGConsumer Sentiment SeriesLingering Concerns

Related Posts

Will rising rents push up future inflation?
Industry

Will Rising Rents Push Up Future Inflation?

Steel imports down 23% in february vs. January
Industry

Steel Imports Down 23% In February vs. January

New boston fed paper: high inflation turns heads and can tilt expectations
Industry

New Boston Fed Paper: High Inflation Turns Heads and Can Tilt Expectations

Energy fact sheet: why does russian oil and gas matter?
Industry

Energy Fact Sheet: Why Does Russian Oil and Gas Matter?

Api: lapse in 5-year leasing program puts 14,000 louisiana jobs, american energy security at risk
Industry

API: Lapse in 5-Year Leasing Program Puts 14,000 Louisiana Jobs, American Energy Security at Risk

Conference board: us consumer confidence up slightly
Industry

Conference Board: US Consumer Confidence Up Slightly

Retail apocalypse: four ways physical stores can survive
Industry

Retail Apocalypse: Four Ways Physical Stores Can Survive

How soaring shipping costs raise prices around the world
Industry

How Soaring Shipping Costs Raise Prices Around the World

Special purpose entities shed light on the drivers of foreign direct investment
Industry

Special Purpose Entities Shed Light on the Drivers of Foreign Direct Investment

First-time buyers, inventory expected to rebound in 2024
Industry

First-time buyers, inventory expected to rebound in 2024

No Result
View All Result

Recent Posts

  • Smart Cities, Smarter Public Health
  • U.S. Consumer Sentiment Falls to Record Low
  • Hackers Steal $100 Million Worth in Latest Crypto Heist
  • Elon Musk is Worried About Tesla’s Possible Bankruptcy
  • Standing Still Is Not an Option

Recent Comments

    Archives

    Categories

    • Art & Culture
    • Business
    • CEO Interviews
    • CEO Life
    • Editor´s Choice
    • Entrepreneur
    • Environment
    • Food
    • Health
    • Highlights
    • Industry
    • Innovation
    • Issues
    • Management & Leadership
    • Multimedia
    • News
    • Opinion
    • PrimeZone
    • Printed Version
    • Travel
    • Uncategorized

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    CEO Latin America | ES

    • CONTACT
    • GENERAL ENQUIRIES
    • ADVERTISING
    • MEDIA KIT
    • DIRECTORY
    • TERMS AND CONDITIONS

     

    AUSTIN

    600, Congress Avenue 14th Floor
    Austin, TX.
    78701
    USA
    +1 512 649 0340

    NEW YORK

    387 Park Ave South,
    New York, NY.
    10016
    USA
    +1 212 796 64 15

    CEO North America © 2022 - Sitemap

    No Result
    View All Result
    • Home
    • Business
      • Entrepreneur
      • Industry
      • Innovation
      • Management & Leadership
    • CEO Interviews
    • CEO Life
      • Art & Culture
      • Food
      • Health
      • Travel
      • Environment
    • Opinion
    • News
    • Multimedia

    © 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?