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To support this need, we at Collage have been conducting an intermittent tracking survey of how 18 to 39-year-old Americans, a group we call the New Wave, are responding to this extraordinary time. In our most recent update, we compare the trailing average of four pulse surveys through mid- September to the trailing average through late August. Read further for excerpts from our full report available exclusively to members.
One key indicator for increasing economic activity is how comfortable people feel engaging in the social activities which drive personal consumption and job creation. The story here is that of little meaningful change: consumer hesitancy to participate in these activities is clear across the board. We’re over six months into a worsening pandemic and unsurprisingly we see that most consumers just aren’t comfortable getting back to life “as it was.” The only substantial difference across multicultural segments is that non-Hispanic white consumers tend to be more comfortable engaging in these social activities, while unacculturated Hispanics tend to be less comfortable overall.
Despite the greater concern with finances and slightly reduced comfort with public places overall, New Wave consumers report they plan to spend more in a few areas, notably home care, personal care, and beauty. We see some small movements in other categories as well, including food, home care, and beverages, but the real story is lingering overall hesitancy to increase spending on non-essentials. The increased spread of COVID-19 as we head into the cooler months may be driving the expected increase in home care spending. As the downloadable presentation shows, personal care and beauty vary considerably by demographic.
Harness the power of cultural intelligence to win diverse America. Discover how you can turn insights into impact today!
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Collage Group is a certified Minority Business Enterprise (MBE) by the National Minority Supplier Development Council (NMSDC).
©2023 Collage Group
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