Americans COVID-specific concerns lessen as economic, inflation and geo-political concerns take over, latest Phoenix MI Consumer Sentiment Report Finds
July 27, 2021
According to Phoenix’s latest Consumer Sentiment Pulse report fielded in June 2021, we are seeing steep increases in overall consumer sentiment for both the current and future outlooks. While not yet back to where it was pre-pandemic, the current trajectory points upward for consumer sentiment.
More than half (55%) of the total respondents surveyed in this latest wave have reported overall positive sentiment, while 31% have negative sentiment and 14% are neutral.
As we saw back in 2020, personal financial impact is a key driver of consumer sentiment. Those with negative sentiments report a higher level of a decrease in both current household income and savings when compared to those with a positive one.
When asked to name the topic of most concern currently, almost half of those with negative sentiments reported their top concern to be economic-related (state of household finances, the current outlook of the U.S. economy, etc.). Meanwhile, worry over contracting COVID-19, and the vaccine was only 8% and 7% to this group, respectively.
At the same time, we see a much wider range of concerns from those with positive sentiments, with their top concern being the COVID-19 vaccine at 14%. However, the subsequent seven concerns show almost no significant difference in numbers and vary from COVID to the current outlook of the U.S. economy to various geopolitical issues.
Overall, it appears that most Americans are viewing COVID concerns from their rearview mirrors as they look ahead and navigate their lives in 2021. However, with the Delta variant spreading across the country (and the world) and economic and geopolitical issues continuing to arise, we have yet to see how the road ahead will look to most Americans as they attempt to move past the repercussions of the global pandemic.
In addition to our Consumer Sentiment Pulse Report, we also dove into the emotional need states of the current consumer vs pre-pandemic. Our recent research on consumer sentiments has revealed that three particular emotional areas have been “activated” by the unique circumstances of COVID, and the overall landscape of decision-making has consequently shifted. Check out our latest report on Emotional Need States!
Since the beginning of the pandemic, Phoenix MI has been closely monitoring how COVID-19 has affected consumer behavior, sentiment, and the overall advertising landscape.
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