This Report covers consumers’ opinion on their current financial situation, and how they view their financial situation and spending behaviors going forward.

• The impact of COVID-19 on consumer behavior and their economic outlook

• Opinions on the US recession

• Changes in spending behavior due to the recession

• Views on the future of consumer finances

For the purposes of this Report, the following categories of consumer finances are explored:

• Their current financial situation

• Outlook on their future financial situation

• Opinions on a potential loss of income

• Their current and future spending behaviors

For additional analysis on the impact of COVID-19 on the US, Mintel has published a series of Reports including Impact of COVID-19 on the Consumer Relationship with Financial Services, The Impact of COVID-19 on Leisure and Entertainment, The Impact of COVID-19 on Retail and eCommerce, The Impact of COVID-19 on Technology and The Impact of COVID-19 on Foodservice, among others.

This Report was written in July 2020.

The first COVID-19 case was confirmed in the US in January 2020. On March 11, the World Health Organization declared COVID-19 a global health pandemic, and on March 13, President Trump declared a national emergency in the US.

Across the US, state-level stay-at-home orders rolled out throughout the months of March and April remaining in place through May, and in some cases June. During this time, referred to as lockdown, non-essential businesses and school districts across the nation closed or shifted to remote operations.

During re-emergence, all 50 states have relaxed stay-at-home orders and allowed businesses to operate with varying levels of social distancing measures in place. The continued spread of COVID-19 infections has driven some states to slow down or reverse course on reopening plans. Mintel anticipates the US will remain in a state of flux through 2021, until a vaccine is available.