Technology UBS Evidence Lab inside: Wave 6 of COVID-19 Consumer Spending Survey

UBS Evidence Lab surveyed 1,000 consumers across the US on June 2-4 about their spending expectations over the next 2-4 weeks & post-coronavirus.

10 Jun 2020

Total Respondents – Wave 6 (June 2)

Source: UBS Evidence Lab

The pie chart illustrates the percentage of respondents who gave certain answers to the question "when do you expect your everyday spending level to be the same as prior to the COVID-19 outbreak?"

Wave 6 of the  survey shows stabilization after recent improvement

UBS Evidence Lab surveyed 1,000 consumers across the country on June 2-4 about their spending expectations over the next 2-4 weeks and in the post-coronavirus period. The two key trends from this wave of survey data are: 1) Consumers’ expectations about their spending have largely stabilized, but with little incremental improvement in the past few weeks following the reopening of some geographies; 2) Among those using debit/credit cards more, a majority (72%) intend to continue doing so post-crisis, primarily because of the cards‘ utility in ecommerce.

Three key trends from the past 12 weeks of this survey data

1) Despite improvement, a significant minority of consumers (~24%) still intend to spend less in the near future vs. the pre-virus period (~38% in wave 3). 2) Affluent consumer spending is rebounding, but not on travel and entertainment: While 83% of the higher income cohort intend to maintain or increase spending in the near term (68% wave 3), many still intend to spend less on travel (55%), entertainment (50%) and dining out (44%) vs. the pre-crisis period. 3) There is an accelerated shift to using plastic, with 39% of lower income / 47% of mid / 58% of high income cohorts showing elevated card usage, and 63%/78%/81% intending to sustain this usage going forward.

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