As parts of the economy plot a reopening, consumers aren't quite ready to reopen their wallets. Nine in 10 Americans expect their personal spending to decline or stay the same over the next six months, according to LinkedIn's latest Workforce Confidence Index. Even as they cut back on spending, a quarter foresee their personal savings taking a hit and 20% expect that their contributions to retirement accounts will fall, according to the biweekly snapshot, which captures workers’ sentiments about their job security, finances and career outlook. See more #WorkforceConfidenceIndex findings: https://lnkd.in/gA3uDUB Are you excited or cautious about spending as businesses start to reopen? Which products or services do you expect to begin purchasing again first? What about last? Join the conversation in the comments below. ?: Devin Banerjee, CFA ??: Vrushank Nayak
I'm spending as little as possible to survive. It certainly doesn't help the my state of Pennsylvania has made me wait 5 weeks now , So far no unemployment benefits have come in to me
Many - even those in the upper-to-middle class were living paycheck to paycheck and now see that it’s a dangerous way to live. The curtailed spending will impact the economy but better align the market with the actual cash-backed discretionary spending capacity?
Standard deviations?
With reports of the unemployment rate being the highest since the Great Depression and people movement still limited, it makes sense that consumers aren’t ready to spend. As businesses start to reopen, the service I think people will get are haircuts. I think vast majority will stick to spending on necessities, since there will be less disposable income.
This is bad news for retailers who were in trouble before the pandemic.
Financial Advisor, Portfolio Advisor
4 年Thank you for sharing.