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“Consumer confidence among Americans has resumed a downward trend during the pandemic after holding steady last month. As new virus hot spots have fully established themselves across the country, American consumer confidence is reflecting the impact,” says Chris Jackson of Ipsos. “While many consumers are embracing a new normal, it has become increasingly difficult for them to maintain confidence as the virus rages and unemployment numbers are at levels unparalleled in the last decade.”
Jharonne Martis, Director of Consumer Research at Refinitiv, said, “Retail earnings estimates are also trending downwards. The Refinitiv U.S. Retail and Restaurant Q2 202 earnings index is expected to show a 55.9% change, below Q1 2020 results. If consumers don’t feel that the unemployment numbers will improve, they will continue holding back on spending.”
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