47% Of U.S. Consumers Cut Spending Due To Coronavirus Concerns

It’s too early in the COVID-19 pandemic to assess long-term impacts on consumer behavior, but data on its immediate effects shows that by mid-March, 47% of U.S. consumers had cut back on spending in anticipation of the coronavirus’ spread, and 42% had begun stockpiling groceries.

The shift to e-Commerce already had begun by early March: comparing consumer surveys conducted on Feb. 28 and March 17 shows that 62% more consumers were shopping online and 63% fewer consumers were shopping in brick-and-mortar stores by the time of the more recent survey.

Learn more about coronavirus’ impact on consumers in this infographic from First Insight.

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