St. Petersburg, Fla. – An April consumer survey conducted by Raymond James found that 82% of consumers now say they plan to reduce their level of discretionary spending.
That is up from 61% in the firm’s March survey. The surveys are designed to gauge the impact that the COVID-19 pandemic is having on consumer behavior.
The April survey found that 22% of consumers expect a big change in their longer-term discretionary spending, while 57% expect the pandemic to have a modest impact on their longer-term spending.
The April survey found more interest in online shopping, with 65% of consumers saying they are shifting more to online shopping. That compares to 55% of consumers who said they are shifting more to online shopping in the March survey.
