Americans have grown increasingly concerned about the broad economic and health impact of the Covid-19 pandemic.
The most recent Bain/Dynata survey of US consumers, conducted from March 23 to 25, finds that 91% of respondents are moderately or highly concerned about the financial consequences of the outbreak—up from 73% two weeks prior. The same survey found that 87% are similarly worried about the impact on the health of themselves or their families, also up from 73% two weeks prior.
A vast majority—95%—say they had taken at least one action in response to the crisis. Actions include reducing use of public spaces, buying emergency food and supplies, purchasing hand sanitizer or masks, canceling travel plans and working remotely.
Karen Harris is managing director of Bain & Company's Macro Trends Group and is based in the firm's New York office.
Dynata provides first-party data for the Bain Consumer Health Index and provides a nationally representative sample of US adults (weekly) that constitutes the underlying data for this analysis.
Our weekly survey finds nearly 60% of Americans have lost hours or pay, been laid off, or closed a business in response to the pandemic.
US workers under 30 and over 64 have felt the economic impact of Covid-19 the most, including layoffs and reduced hours or income.
As the global pandemic deepens and the human cost of Covid-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.