The current pandemic has pushed back people from spending a large amount of cash on anything other than the essentials. The cost cuts are due to the setback the pandemic has caused to the global economies in addition to the businesses being shut down. The impact this virus has had on humanity will resonate around the world in the years to come. The near future also doesn’t look too bright as many predictions say that this virus may last a while.
This virus is moving everywhere from people to people, states to states, countries to countries, and has affected everyone in different ways. The economy is also rattled despite the government’s best efforts to avoid recession. The impact of COVID is being compared to the times of the Great Depression and the Great Recession combined. The unemployment rate reached a record high in May 2020 as 33 million unemployment claims were filed by people turning to the government for financial aid.
Around 11% of Americans face severe financial crises as they cannot meet their basic needs and are worried if they will ever recover from this. 72% of Americans feel the financial crunch and are concerned about some serious problems in the coming weeks.
Here is an infographic that shows a few details about the COVID-affected buying trends between men, women, and people of different ages.
Infographic by: theshelf.com