Shoppers worried about uptick in COVID-19; 59% concerned about economy

59% of consumers have a high level of concern regarding the economy, remaining steady from August

64% of consumers feel as though the country is in an economic recession, and 65% think the U.S. economy will worsen in the next few months. 74% think inflation will increase in the next few months

Over the next few months, 40% of consumers say their primary concern will most likely be personal finances

75% of consumers say rising prices on essential goods and services is their main economic concern, followed by rising prices on gas/fuel (70%)

Consumers are more concerned about the economy’s impact on retirement savings or pension plans than they were in August (42%,  4 points)

Consumers are still uncomfortable with discretionary spending – 72% are uncomfortable splurging on premium items, 71% are uncomfortable taking money out of savings or retirement accounts, and 55% are uncomfortable spending money on non-essential items

In response to inflation and rising prices, consumers plan to cut spending on dining out (44%) and travel (38%). 27% do not expect to cut back on spending

COVID-19 concerns jumped in September, with 24% of consumers reporting a high level of concern, compared to 15% in August.