In July 2020, KPMG polled 1000 consumers across the U.S. to learn about the effects of COVID-19 on their income, employment and mobility; their sentiments around the economy; and their predictions for spending in the fall.The level of optimism among U.S. consumers and their anticipation of a return to spending are trending downward. With each of our consumer pulse surveys since April 2020, an increasing percentage of respondents think the recovery will take two or more years.
Source: KPMG Consumer survey, fielded April 27, 2020 – April 30, 2020 KPMG Consumer survey, fielded June 4, 2020 – June 8, 2020 KPMG Consumer survey, fielded July 20, 2020 – July 24, 2020We are starting to see consumer mobility trends that could be on par with generational shifts seen in the industrial revolution. Across the board, consumers are working, learning, and buying things from home.
With the exception of computers and hardware, consumers responding to our July survey expect to spend less this winter across the board on key categories like clothing and accessories, electronics and furniture. Fifty-five percent of purchases are expected to be made online, compared to 45% made in the winter of 2019. Consumers will be looking for discounts, free shipping and competitive prices—the top three factors cited for making a purchase decision.