The Summer of … Home Cooking
With the retail economy reopening and rebounding, what will consumers be doing and buying this summer?
According to a recent survey of 1,800 U.S. consumers between the ages of 18 and 55 conducted by the San Francisco-based financial technology company Affirm, half of respondents said they’ll be more focused on physical and mental health this summer than they were last year. That translates into 70% of consumers saying they’ll be cooking more often instead of ordering takeout, which we can assume leads to more immediate family gatherings and healthier eating. It’s probably good news for grocery stores but not for restaurants.
As far as overall spending, 60% of respondents said they think their spending will be around the same or more this summer, compared to this past spring. And they will buy clothing, considering many of them didn’t visit a department store for two months.
According to Affirm, the top three wardrobe staples people want to shop for this summer (in order of priority) are sandals/flip-flops, workout clothes and swimsuits. Fifty percent of respondents said they would shop for accessories like hats, sunglasses, bags, backpacks, jewelry and watches. Forty-five percent plan to shop for beauty/personal products.
Considering the unknowns related to the pandemic, saving is also top of mind. Affirm learned that 60% of people saved or invested their 2019 tax refund. Of those who cancelled their travel this year, 40% opted to save the money they would have otherwise spent.