Some dropoff in clientele. Those who were fortunate enough to be employed in. Those industries during this time are also more likely to be paid higher than the median. In fact, only 30% of parents earning 200K or more lost their jobs since. The pandemic, compared to 65% of parents earning less than $25K. Those who lost jobs in higher income brackets were also. More likely to be able to find work again. High-income spenders weren’t significantly impacted by. The pandemic aside from the first few months. During which the change in consumer spending came from uncertainty.
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Although high- and low-income brackets both saw Bermuda Email List significant drops in spending initially, high-income consumers returned to levels comparable to January 2020 while low-income consumers were still about 10% below on average through September 2020. Considerations to forecast future performance There’s quite honestly nothing novel in this analysis that hasn’t been surfaced through market research, and these observations have been corroborated by economic data. The key takeaways here are to pay attention to the trends we’re seeing, think about how they relate to your target audience or customer, and pay attention to new developments that may signal a shift toward normalcy once again as you re-enter the digital marketplace.
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Stay informed of economic trends Keep up-to-date Phone Number QA with economic research published by S&P and monitor news releases from the Bureau of Economic Analysis to identify trends in Personal Income, Disposable Personal Income (DPI), Gross Domestic Product (GDP), and Personal Consumption Expenditures (PCE). The PCE started dipping in July, which correlates with the changes in consumer behavior we saw in our study. Although the reports don’t come out immediately, staying updated on the direction of these trends could inform your efforts. Consider your target audience It’s important to narrow down your research to your target audience. If your business is international.