Where Does Consumer Confidence Stand in Salt Lake County During Summer 2020?
Posted By Regional Development
September 03, 2020
A second survey of 800 Salt Lake County residents during the Summer of 2020 by Y2 Analytics gives local elected officials and decision makers greater understanding of local consumer confidence and trends during the COVID-19 pandemic. Here are four top economic takeaways.
1. Negative Outlook Despite Upward Economic Trends
Residents were substantially more concerned about about the present and future of the coronavirus crisis than they were in May. Unfortunately, only 16% thought the worst of it is behind us (though cases peaked in July, they have been on the decline and plateaued in August).
2. Residents Support Mask Up
The summer saw significant increase in consumers' widespread support across Salt Lake County for safety measures that involve requiring face coverings. Mayor Jenny Wilson first required face coverings at the end of June, and in August it was extended through the end of the year. The Kem C. Gardner Policy Institute has said that the mask requirement has been one of the most important economic tools deployed by Salt Lake County.
3. Let Them Eat Cake (or Pizza)
Residents are more comfortable now eating out at restaurants than they were earlier in the pandemic. Of course, more restaurants and businesses also opened for service this summer, which were previously closed by public health orders or later by personal choice. This is good news for the food service industry, as it's been one of the hardest hit financially during COVID-19, losing millions of dollars.
The survey suggests there has also been an increase in residents visiting salons and barbershops — a good sign for those employed in personal services.
4. If You're More Comfortable Doing Leisure Activities, You're Probably High Income
Residents earning more than $100,000 or more continue the trend of being the most comfortable in going to a store, gym, sporting event, or theater. Meanwhile, Salt Lake County residents who have lower incomes (less than $50,000) are much less comfortable engaging in these activities, and are also less motivated by concerns about a recession.
Other Survey Data Highlights:
- Concern of public health impacts versus economic impacts
- Favorability decline of local business, county, and city leaders, as well as Gov. Herbert and President Trump
- COVID's negative impacts on mental health and social life
Interested in more Summer 2020 Consumer Confidence Survey data? View the full 40-page report here.