Deloitte just released the latest wave of its Global State of the Consumer Tracker, which shows anxiety and health concerns may be starting to ease but financial concerns still remain relatively high. The data provides insights around early demand signals into the recovery of global travel.
The good news: There are optimistic signals for hospitality. While leisure travel plans within the summer months remain relatively low, signs of optimism are emerging. Nearly one-third of U.S. consumers (31 percent) plan to stay in a hotel for leisure travel within the next three months, up from a low of 24 percent in mid-April.
It’s also good to know that consumers are sticking with the brand names they trust. Across the globe, 52 percent of consumers indicate they will stick with the brands they trust. In fact, consumers who are more concerned about their family’s health are more likely to purchase name brands that were struggling prior to the crisis. Interestingly, 42 percent of consumers report they will purchase more from brands that have responded well to the crisis.
According to the report, as economies across the world have started to open up, collective net anxiety and health concerns have begun to ease slightly since mid-April; however, financial concerns continue to linger. Consumer behavior, to that matter—including what consumers plan to buy, how they intend to buy it and why—continues to evolve within today’s dynamic environment.
Some additional findings include:
- Less than half of U.S. consumers (48 percent) are concerned about their personal health, down from 57 percent measured during the peak in early April; 60 percent are concerned about the health of others, down from a high of 72 percent
- Financial concerns are not subsiding with 27 percent of consumers concerned about making upcoming payments and 43 percent delaying large purchases
- Immediate financial concern continues to spike among millennials, with 36 percent of 18-to 35-year-olds concerned about making upcoming payments
- Fear of job loss remains steady, with 37 percent of U.S. consumers concerned about losing their job
Now in its third wave (fielded May 12-16), the Deloitte Global State of the Consumer Tracker was conducted in 15 countries and queried 1,000 consumers in each country.