Consumers are regaining confidence to visit stores but are still wary about spending money when they get there – at least according to a recent study. Here are the results of the report from Deloitte, why Americans feel safer shopping in-store, and what it means for shoppers this holiday season.
Consumers Feel Safer Shopping In-Store
A new report by consulting and advisory firm Deloitte shows that U.S. consumers feel safer about visiting stores than earlier in the coronavirus pandemic. The most recent data shows that 61% of adults feel secure about visiting a store. This figure is up significantly from April when only 34% of respondents felt at ease going into stores.
More than half of respondents (51%) also felt secure and had no concerns about face-to-face interactions at businesses like barbershops or nail salons. Interestingly, only 61% of respondents voiced concerns about their family’s health – down from 64% in April.
Is Weariness Fueling Confidence?
The dramatic reduction in public fears over safety during the coronavirus pandemic comes despite infection and mortality rates soaring in recent weeks. This possibly points at frustration towards the restrictions the pandemic has caused – including forced isolation and mass closures.
Interestingly, while consumers have increased confidence towards shopping in-store, more plan to do their holiday shopping online. A recent Mastercard study shows that 86% of respondents plan to do their holiday shopping online, up 21% from 2019.
Many Consumers Still Worrying About Finances
Ironically, the shift in consumer feelings towards visiting stores doesn’t entirely translate into shopping there. The April report from Deloitte saw 24% of Americans unsure if they could afford to pay their monthly bills. Now, that number has jumped to 29%, despite signs of a rebounding economy.
The Deloitte report also follows on the heels of a Federal Reserve of Philadelphia report showing more Americans using credit cards to cover rent.
As more Americans become wary of the state of finances, the U.S. economy risks sinking into another slump. News of a potential second stimulus payment has come as welcome relief to millions of Americans, but if – and when – that money might arrive is still unknown.
Related Article: Mastercard Holiday Survey Highlights Conscientious Shopping Trend
