Consumers Will Determine When The Economy Reopens

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The most recent Refinitiv / Ipsos reading on US consumer sentiment around the reopening of the economy suggests that the bulk of consumers are willing to attend entertainment activities, however, only when there is a proven coronavirus vaccine, even if that’s a year or more from now.

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Jharonne Martis, Director of Consumer Research, Refinitiv comments:

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Comsumers Will Decide When To Reopen The Economy

“Many US states are ready to reopen and retailers such as Macy’s and Best Buy are ready to welcome shoppers.  However, the reality is that neither the government nor retailers get to decide when to reopen the economy -- consumers do.”

  • 55% of consumers believe live concerts, theatre performances and movie theatres should NOT reopen to the public before a vaccine is available
    • 41% expect to attend a live concert, theatre performance or movie theatre when there is a proven vaccine, even if a year from now
  • 76% are unlikely to attend a sporting game or event in person right now even if government restrictions are lifted
  • 35% expect to go to a shopping mall when there is a vaccine, even if a year from now
  • Experiences are still important to the consumer.
    • 30% of consumers miss entertainment including movie theatres more so, than going to shopping malls (27%)

reopen the economy

  • Over 70% of consumers are concerned that they or someone they know will be infected with the virus

reopen the economy

  • Consumers are most fearful for their family’s health and wellbeing when it comes to coronavirus (34%) followed by worries about continued economic disruption leading to a recession (17%)
  • Over 50% of respondents have indicated that the amount of news coverage on the virus has caused them to feel that it is getting worse

“The report suggests that consumers are concerned about the reopening for the most part although, they are progressively in favor of restarting the economy as we enter into June 2020,” concludes, Jharonne Martis