Overall, which of these best describes how significantly the coronavirus situation is affecting your spending and planned purchases?
Wave 2 of the UBS Evidence Lab weekly consumer spending survey
UBS Evidence Lab surveyed 1000 consumers across the country on March 26-28 about their spending expectations over the next month. Our two key conclusions are:
- The outlook for spending near term remains soft; however, it improved WoW among the higher income cohort; and
- Like last week, the data indicates spending may not be entirely resilient, with 28% (unchanged) contemplating a more permanent decrease, but with some improvement in outlook among the mid- and higher income groups.
In restaurant & food ordering, high income group remains a bulwark
While most respondents expected to order food delivery the same amount (36% vs. 28% last week), less (28% vs. 23%) or not at all (16% vs. 29%), among the highest income cohort (>$100K), 46% (vs. 31%) intended to order delivery more. Ordering from restaurants showed a similar trend.
In various retail categories, the affluent may be re-expanding a bit
Apparel and footwear purchases showed a weak demand trend, with 35% (unchanged) not intending to spend in these categories over the next month and 30% (vs. 32%) intending to spend less. In the upper income group, 41% (unchanged.) intended to spend less, but those intending to spend more increased to 25% from 10%. Also, among this group, ecommerce intentions increased significantly from last week across retail categories.