According to a new survey by ROI Rocket, a leading provider of market research-based consulting services, about two-in-three Americans 18 and older (65%) expect the coronavirus (COVID-19) pandemic to plunge the country into an economic recession, if not a depression.
When asked about the most likely impact of the pandemic on the U.S. economy, a plurality of adults (44%) indicated a recession—two back-to-back quarters of negative economic growth. Another one-in-five (21%) predict the country will fall into an economic depression—experience a prolonged downturn that lasts through the rest of 2020 and possibly, beyond.
The percentage of adults ‘extremely concerned’ about contracting the virus has increased apace with the rise in confirmed cases. About two-in-five (42%) are now experiencing high levels of anxiety about contracting the virus compared to 31% just a week earlier.
About four-in-five Americans (81%) say they’ve throttled back on day-to-day spending. Most report spending less on transportation, entertainment, and apparel, among other things. In-demand products tend to be those most closely related to recommended pandemic countermeasures like household cleaners and canned, frozen or other non-fresh food.
Significant changes in spending have been driven by government-mandated stay-at-home policies. About three-in-four (76%) report living under such a policy and, among working adults, only about one-in-three (32%) say they’re working a regular, unchanged routine. Another one-in-three (34%) indicate they’ve already seen their work hours or wages/salaries reduced, or alternately, have been furloughed or laid off.
This study of 1,001 U.S. residents aged 18 and older was fielded between March 24 and March 27, 2020. The results have an associated margin of error of +/- 3.1% at the 95% confidence level in the most conservative case. This means the results come within plus or minus 3.1% of the results that would have been obtained given a census of all qualified individuals. Sample collection was balanced to U.S. Census figures for gender, age, race/ethnicity, and household income.
The study is projected to run for another fifteen (15) weeks and includes supplemental studies of business leaders and healthcare professionals.
