US consumer Are US consumers becoming more optimistic?

UBS Evidence Lab surveyed 1,000 people on May 18-20, in the fifth wave of our US COVID-19 Impact Consumer Survey. Overall sentiment improved relative to earlier surveys.

04 Jun 2020
  • A rising share of people in the US do not expect to be laid off or take a pay cut in the next month.
  • There was a notable increase among low- and middle-income respondents vs. late April, while there was a slight decrease in the high-income bracket.
  • Only 3% of respondents (net) expected their household spending to decline, down from 16% in late April.
  • Almost half of respondents said they were using credit/debit cards more often than before the outbreak.
  • In particular, 44% said they were using cards more often because they were ordering online/over the phone or were uncomfortable using cash.

Share of People Who Do Not Expect to Lose Job or Take Pay Cut in Next Month

Source: UBS Evidence Lab

Net Change in Spending in Next 2 Weeks vs. Pre-COVID-19 (Spend More minus Spend Less)

Source: UBS Evidence Lab

Use of Credit/Debit Cards vs. Pre-COVID-19

Source: UBS Evidence Lab