May 18, 2020

Consumer Confidence Continues Decline in May

by Jharonne Martis.

“Even though the Coronavirus outbreak continues across the country, consumers and business owners are beginning to see glimmers of hope as some states and communities begin to open their economies again. However, there is still a lot of concern around the long term outlook and potential fear around resurgence of future waves of the virus,” reports Chris Jackson of Ipsos. “Even though consumers are hopeful, there remains some concern about how many people will be willing to take part in the economy for fear of contracting the virus. Meanwhile, business owners and consumers are learning to adapt to a new normal.”

Jharonne Martis, Director of Consumer Research at Refinitiv, said, “Omnichannel is key for retailers in the new normal, as consumers gravitate online and use mobile devices to order curbside pickup and ship their orders. U.S. retailers that have reopened abroad are telling us that store traffic has picked up, but consumers are still going online to finalize their shopping orders. Best Buy’s ecommerce alone grew 250% over Q1 2019, as consumer’s make the shift towards the omnichannel experience. Still, retailers have taken a hit because of the coronavirus pandemic and Refinitiv retail earnings index is expected to see a 31.7% decline for Q1 2020.

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