Consumer Behavior

Despite pandemic, tepid economy, consumers spending pretty much the same as last year

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March 11, 2021

Consumers are cautiously optimistic in regard to spending this year as 74% expect to spend the same or more online than last year on clothing and jewelry and 73% will spend the same or more on healthcare products.

Those are two findings from a Conversity survey regarding consumer spending behavior in 2021 as compared to 2020, the year the COVID pandemic hit hard.

The survey reported 51% plan to spend between $51 and $200 per month online on non-essential purchases in 2021 and 20% plan to spend a maximum of $50 a month on such purchases; a significant minority remain cautious about spending, according to a press release on the findings.

"The uncertainty of the last 12 months has meant many have reduced overall spending — which we have seen in the rocky performance of the retail sector in this time," Brad Christian, global chief customer officer at Conversity, said in the release. "The desire to spend online in the coming months presents a bit of a mixed picture. A slight majority seem eager to spend their hard-earned cash. Despite this, a significant minority are more circumspect, with both younger and older consumers preferring to err on the side of caution for the time being."