A 51 percent majority of Americans report spending less than they used to as a result of the novel coronavirus (COVID-19) pandemic, similar to a drop recorded in 2009-2010 as the United States passed through what is now called the Great Recession, a new Gallup poll revealed on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 06th May, 2020) A 51 percent majority of Americans report spending less than they used to as a result of the novel coronavirus (COVID-19) pandemic, similar to a drop recorded in 2009-2010 as the United States passed through what is now called the Great Recession, a new Gallup poll revealed on Wednesday.
"Gallup first asked Americans about their spending habits in 2009, during the Great Recession. Consistent majorities in 2009 and 2010 said they were spending less, including a high of 57 percent in 2010, after the Great Recession had technically ended but at a time of a nearly double-digit unemployment rate. In subsequent years, fewer Americans indicated they were spending less money, with last year's 32 percent the lowest in Gallup's trend, a press release explaining the poll said. "The April 14-28 poll finds the percentage of Americans spending less than usual back to majority level as the coronavirus situation has forced widespread closures of businesses and most states have issued stay-at-home orders for their citizens."
One difference between now and the last time a majority of Americans said they were spending less is that those who are pulling back are more inclined to think it will be a temporary change in their spending patterns, the release said.
Currently, 47 percent of those who report they are spending less expect it to be a temporary change compared with 33 percent who said the same in 2010. Now, 53 percent say the reductions will become their "new, normal pattern for years ahead," whereas 67 percent said so in 2010, the release said.
The shift toward spending less has been more pronounced among upper- and middle-income Americans than those in the lower-income group, with reports of spending cutbacks otherwise similar by age, race, employment and parental status, the release added.
However, Democrats, including Democratic-leaning independents (58%), are more likely than Republicans and Republican leaners (47%) to say they are spending less money. An analysis of the data suggests that partisanship is a factor for middle- and upper-income Americans but not lower-income Americans, according to the release.
