Economic and foreclosure fears eclipse contagion

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Over 18 months and 12 studies of more than 24,000 U.S. consumers, PYMNTS ‘Pandenomics report series has tracked the arc of consumer sentiment, from the early months when fear of contracting COVID-19 was highest, through ‘at the present moment, when things have changed.

The latest installment in the PYMNTS Pandenomics survey series, The Post-Pandemic Consumer At 18 Months: Spending Now, Worrying Later, finds that economic fears replace worries about disease, noting that “the economy is now the number one concern. of consumers regarding the impact of the pandemic on their lives, with 62 percent saying they were “very” or “extremely” worried about the economic effects. Only 48% express the same level of concern for their health.

Vaccines get the collective green light to reverse these numbers.

According to the new Pandenomics, “Three times as many consumers are now vaccinated compared to February figures, and a third fewer say they do not plan to get vaccinated at all. As more and more consumers get vaccinated, the less worry they are about contracting or spreading the virus, ”the study said, finding that 71% of American adults have now“ received at least one inoculation ”.

See also: The post-pandemic consumer at 18 months: spend now, worry later

Even the fearful want to go out to dinner

As fears of illness diminish, researchers find that consumers remain essentially divided into two camps: those who want to return to the physical world no matter what, and those whose primary concern is contracting COVID-19 or one. of its variants.

According to The Post-Pandemic Consumer At 18 Months study, 31% of consumers “primarily concerned about the impact of the pandemic on their social life” intend to go to restaurants more often, to do more shopping in grocery and physical retail stores typically “more over the next three months than they do now.”

Of those who remain concerned about their health, the study finds that 29% of those concerned about their health “nonetheless plan to dine more and travel more in the United States in the next three months, for example, and 28% plan also to do more shopping. in brick and mortar retail stores in the future. Therefore, it is clear that even consumers concerned about their health are no longer content to stay at home, preferring to re-engage in the physical economy.

Rread: The post-pandemic consumer at 18 months: spend now, worry later

Lurking lockdowns scare respondents

One particularly compelling finding in the latest data is that consumers fear a return to a serious lockdown living almost on par with their fear of catching COVID.

“One of the main reasons consumers seem so interested in resuming the activities they were involved in before March 2020 is that many are also worried about the possibility of a future shutdown,” according to the study, which found that 47% of all consumers are “very” or “extremely” concerned that they will find themselves locked in in the months to come.

According to The Post-Pandemic Consumer At 18 Months, 67% of consumers concerned about the continuing impacts on their social life are “very” or “extremely” worried about additional closings. “Among consumers primarily concerned about the impact of the pandemic on their health or the economy, 66% and 61%, respectively, fear having to return to the shelter in place or face other restrictions on their activities. “, discovered the researchers.

See: The post-pandemic consumer at 18 months: spend now, worry later

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.


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