While Floridians are optimistic about the U.S. economic recovery from the COVID-19 pandemic, many residents believe their finances will not return to normal until later this year or even beyond 2022, according to a survey conducted in statewide by the Florida Atlantic University Business and Economics Polling. Initiative (FAU BEPI).
The survey showed that 36% of those polled were optimistic about the country’s economic conditions over the next 12 months, while 28% were pessimistic. But personal money issues were another concern, with 21% saying it will take six months to a year for their finances to recover and 10% saying it will be later in 2022 or beyond.
As a result, consumers are more keen to try new brands of products to save money. The survey found that 43% of the 436 respondents are more often switch to cheaper products and 30% are more often researching brand and product choices before buying.
“With the continued pressure on household incomes, consumers have changed their buying mindset since the start of the COVD-19 pandemic,” said Monica Escaleras, Ph.D., director of FAU BEPI at the College of Business. “People are concentrating more on better value than brand loyalty, and …
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