Transition in Buyer Attitudes
Daniel Chinni of NBC News wrote on July 19, 2020 on the way the Pandemic has changed the way Americans live, ..."but the long-term repercussions may be in our world even after the virus eventually is controlled". The way we shop and spend money began to change before the virus hit. The virus only accelerated that movement. More people found acceptance to online shopping, home delivery, working from home, with serious movements out of the congested urban environments. In June , Visa reported American volume of spending on credit cards declined 21% from May 2020. Debit card spending increased by 12%! Good news, as credit card debt will decline, and spending only on money in the pocket. Bad news for the banks. Spending habits are declining and people are more careful with their money.according to McKinsey and Company . 40% of Americans were becoming more mindful of where they spend their money. 31% were changing to less expensive products to save money. IN OTHER