Will COVID-19 Cause Those of All Income Brackets to Take a Closer Look at Their Finances?

May 28th, 2020

COVID-19 has led to financial uncertainty for many around the globe, but how are those in a higher income bracket faring?

We recently surveyed 1,002 Americans aged 25 to 69 with a household income of $150,000 or higher to gain a sense of how they are spending their money and whether they have any splurges planned post-COVID-19.

Some of their most common recent purchases are a nod to the current dynamic.  

While ensuring their pantries are well-stocked with groceries is a priority these days, another common spend among these respondents over the past several weeks is charitable donations (38%). Secondarily purchased are gift cards/certificates to restaurants (27%), workout clothing or athletic shoes (26%) and/or kitchen gadgets/appliances (20%).

In addition to donating to charities and purchasing gift cards, 23% have opened their wallets recently to pay for services they aren’t currently using. Among this group, housecleaning is the top service they continue to pay for (43%), with hair/beauty treatments and/or childcare cited to a more moderate degree (17-18%).

With a number of meat plants closing recently and the impact even felt by fast-food chains, are plant-based products and meat substitutes are having a moment? Of those who have bought meatless products recently, 94% have been consuming meatless alternatives either “about the same amount as prior to COVID-19” (57%) or “more frequently” (37%, led by males). 

When it comes to upcoming purchases, wanderlust and maintaining a healthy savings account are prevailing mindsets. 

When asked what splurge they are most looking forward to making post-COVID-19, a vacation tops the list by a landslide (61%). Interestingly, the second most common answer (cited by 26%) is“ I prefer to save my money rather than splurging on something.”

Perhaps fueling this latter sentiment is uncertainty about their financial futures, as 81% indicate that since COVID-19 escalated, they are following their investments, stocks, and retirement funds either “very closely” (41%) or “a little closely (40%).”

Looking to gain insights from a specific or hard to reach audience? Please let us know how we can assist you! 

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