Consumer Behavior

Coronavirus tanking consumer confidence

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July 29, 2020

Consumer confidence took a big dip in July due to the ongoing COVID-19 pandemic outbreaks hitting across the U.S.

The Conference Board's latest Consumer Confidence Index reveals a dip in July to 92.6, which is 5.7 points down from the previous month, according to The Hill.

In comparison, consumer confidence was in the low 130s prior to the coronavirus hitting hard in March.

The dip is primarily due to the resurgence of COVID-19 in several states in the past two months, according to the news report.