Consumer sentiment is increasing after the unprecedented circumstances of 2020 took a toll on the financial health of many Americans, according to market research firm IRI.
As the United States experienced economic growth and declining unemployment rates, a second-quarter IRI Consumer Connect survey demonstrated that shoppers feel their financial state is better than it was in the first quarter, and many are optimistic their finances will continue improving over the next six months. As such, the IRI Consumer Sentiment Index is up seven points in July 2021 versus July 2020 to 88.3, but still down from a recent high of 98.4 in 2018.
Despite consumer optimism and a return to some pre-pandemic behaviors, results from the survey suggest that a number of 2020 shopping trends are sticking around. More consumers report they’re ordering groceries and pet products online, and 31% of digital shoppers note they visit fewer brick-and-mortar stores because more of their shopping is done on the web. Online ordering adoption is most notable among Generation Z and Millennial consumers, who prefer in-store pick up, IRI noted.
