Outcome of election won’t impact consumer spending, according to study

Consumers are not basing future shopping decisions on the outcome of the election.

That’s according to a survey by First Insight, which found that a mere 1% difference exists depending on which candidate is elected.

The survey also found that worry about the pandemic is receding and consumers may be experiencing COVID-19 fatigue for the first time with over a 20% drop in concern since April, from 87% to 69%. 

Also, the impact of COVID-19 on consumer purchase decisions showed a 27% decrease, to 65%, vs. the highest peak reported in April (89%). The percent of consumers cutting back on spending due to COVID-19 has decreased from 62% to 48%, aligned with trends observed in purchasing behaviors in categories such as cars sales, home sales, home improvement as well as other select categories within the overall economy.

“It is surprising to hear from the voice of consumers that they expect the election outcomes will have so little impact on their shopping behavior or purchase patterns,” said Greg Petro, CEO of First Insight. “It’s also clear that Coronavirus fatigue has set in, with the pandemic playing a lesser role in shopping decisions than it once did. Given this data, that is coming directly from consumers, companies who want first-mover advantage in their market must begin to execute strategies now and not have a wait-and-see point of view.”