Survey: More Consumers Ready to Dine and Shop, Travel? Not So Fast

SBB Research Group releases new results from its series of national surveys on the personal, economic and societal effects of the COVID-19 pandemic in the United States.

As the White House, CDC, and state governments issue guidance for reopening the economy, Americans are still very selective about the activities they are willing to partake in and the precautions necessary to do so. A majority of consumers remain cautious about many activities, such as traveling by plane or attending sporting events, but are much more willing to visit a retail store or dine at a restaurant, according to national survey results released  by SBB Research Group. The Chicago-area company, which analyzes a wide variety of data to enhance its investment strategies, released initial results from this COVID-19 survey series on March 31, 2020.

Consumers More Willing to Visit Stores and Restaurants; Still Reluctant to Travel

Significant proportions of surveyed consumers said they were willing to shop  at a retail store (63 percent) or dine at a restaurant (41 percent) “as soon as possible” or “within one month,” while a smaller proportion was ready to visit a hair salon (36 percent).

However, most Americans say they are still not comfortable flying on an airplane, staying in a hotel, attending sporting events, or seeing movies in theaters. When asked how soon they would be willing to do so again, many responded that they expected to continue avoiding these activities for at least the next six months. About 60 percent of consumers would not be willing to travel by plane for the rest of 2020, and more than a quarter do not expect to fly for a year or longer. 

Top Three Safety Precautions for Restaurants

Restaurants are implementing numerous health and safety practices, and the survey data revealed the top three precautions valued by consumers:

1. Limiting the number of guests in the restaurant

2. Requiring employees to wear protective gear (e.g., masks, gloves)

3. Separating tables by at least six feet

These three practices were identified as “the most important” by over three quarters of respondents. Additional precautions that were mentioned included offering disposable menus, requiring guests to wear face masks, touchless payment technologies, and other safety measures.

Medical Screenings for Public Gatherings?

Two-thirds of Americans are now willing to undergo a medical screening prior to entering a public gathering, and the majority would not attend such an event unless all attendees were screened.

Views on the necessity of medical screenings at events varied significantly by political party identification. Respondents were asked if they would be willing to attend a public gathering without any medical screening as long as social distancing was being practiced; more than half of Republicans (57 percent) agreed with this statement, but only 16 percent of Democrats and 24 percent of Independents were willing to do so.

For more details about these findings, other COVID-19 survey results, and future updates from this research series, please visit www.covidoutlook.com.

Survey Methodology

Results for consumers’ willingness to engage in various activities were based on surveys of 231 respondents between June 12, 2020 and June 15, 2020. The most important safety precautions were observed in surveys of 279 respondents between May 22, 2020 and May 25, 2020. Opinions about medical screenings were based on surveys of 228 respondents (114 Democrats, 51 Republicans, 63 Independents) between June 12, 2020 and June 15, 2020. All surveys were conducted online by respondents in the United States, and certain analyses were based on subsets of the survey population only. Additional details about the survey methods and their limitations are available at www.covidoutlook.com/methods.

About SBB Research Group

Founded in 2010, SBB Research Group is an innovative Chicago-area investment management firm. Founder and CEO Sam Barnett, PhD, is an applied mathematician and neuroscientist specializing in quantitative predictions of complex systems, and COO and CCO Matt Aven provides expertise in economics and computer science. They lead an interdisciplinary team of researchers continually striving to optimize the protection and growth of investor capital. The company specializes in creating bespoke funds seeking both stability and long-term results through a systematic investment approach.

This post first appeared on Globe Newswire and is also available on Business Insider, Yahoo! Finance, and Benzinga.

Survey: Americans Bracing for Prolonged ‘Return to Normal’

SBB Research Group releases results from its fourth weekly survey assessing personal, economic and societal effects of the COVID-19 pandemic in the U.S.

Chicago, April 18, 2020 – Despite the White House’s announcement of a task force to reopen the US economy, Americans do not anticipate a return to normal life anytime soon, according to national survey results released by SBB Research Group. Today’s findings are the latest part of a research series from the Chicago-area investment firm, which studies a wide range of data to enhance its strategies. The company released its initial results on March 31, 2020.

“By conducting new surveys each week, we are able to gain current insights into the effects of the pandemic on American life and learn how sentiment is changing over time,” said Sam Barnett, PhD, the CEO of SBB Research Group.

Most 2020 Travel Canceled

In late March, almost half of surveyed travelers had canceled their trips through September. Now, 58 percent have canceled their travel plans for the rest of the year, and another 23 percent postponed the trips they had planned in 2020. Travel was the second most desired product or service—only after dining at restaurants—that consumers reported wanting to purchase after the pandemic subsides.

Still Months Expected Until Relative Normality

On average, surveyed Americans expect their lives to “generally return to normal” by mid-August, including one in eight foreseeing dates past 2020. The median response was the end of June. These views also varied significantly by political party affiliation: Republicans’ median expectation for a return to normalcy was 30 days sooner than that of Democrats or Independents.

Along with dining out and traveling, consumers are most eager to resume exercising at gyms, going to movies and concerts, shopping, and getting haircuts. Additionally, with the vast majority of Americans practicing social distancing and staying at home, social interactions have changed dramatically. Less than 10 percent are still visiting friends and family in person. Instead, text messaging has become the most common way to keep in touch with loved ones (88 percent), followed by phone calls (80 percent), emails (45 percent), video calls (36 percent), and other forms of digital communication.

Waiting for Stimulus Checks, Financial Concerns Persist

More than three-quarters of survey respondents expect to receive an economic stimulus check from the government. Expecting recipients, on average, plan to save 44 percent, pay down debt with 38 percent, spend 30 percent, and donate 4 percent of the money. However, this expectation has done little to ease concerns about the financial repercussions of COVID-19. Individuals now expecting stimulus checks are only about 5 percent less concerned than those surveyed a couple weeks ago, and more than half of these respondents are still “very” or “extremely” concerned.

This comes on the heels of a workforce that has been impacted heavily—more than a quarter of full- and part-time employees surveyed have been laid off or have experienced a reduction in hours or wages.

For more details about these findings, other COVID-19 survey results, and future updates from this research series, please visit www.covidoutlook.com.

Survey Methodology Latest results based on 322 respondents in the United States who answered five-minute online questionnaires between April 9, 2020 and April 13, 2020. Certain analyses are based on subsets of the survey population only, and the participant counts for each subset is listed at www.covidoutlook.com/insights. Additional details about the survey methods and their limitations are available at www.covidoutlook.com/methods.

About SBB Research Group Founded in 2010, SBB Research Group is an innovative Chicago-area investment management firm. Founder and CEO Sam Barnett, PhD, is an applied mathematician and neuroscientist specializing in quantitative predictions of complex systems, and COO and CCO Matt Aven provides expertise in economics and computer science. They lead an interdisciplinary team of researchers continually striving to optimize the protection and growth of investor capital. The company specializes in creating bespoke funds seeking both stability and long-term results through a systematic investment approach.

This post first appeared on EIN Presswire and is also available on News 9, RFDTV, KTVN, and Focus VI Radio Magazine.

SBB Research Group Releases National Survey Results on COVID-19 Outlook

SBB Research Group has conducted and analyzed nationwide surveys to study personal, economic and societal effects of the global pandemic on American life.

Chicago, March 31, 2020 – In an effort to better understand the unprecedented, global impact of the novel coronavirus (COVID-19), SBB Research Group has released the initial results from its series of national COVID-19 outlook surveys. The Chicago-area investment management company aims to forecast financial markets by aggregating and analyzing a wide range of data.

“Especially in such unusual times, surveys can provide invaluable data regarding current perceptions in the US,” said Sam Barnett, PhD, the CEO of SBB Research Group. “In addition to enhancing our investment strategies, new insights into the personal, economic, and societal effects of the pandemic can help inform policymakers, healthcare providers, individuals, and other businesses and organizations.”

Personal Concern Regarding Financial Backlash

Of particular interest is the level of financial concern across the country. SBB’s survey data showed that Americans are “very concerned” about the financial repercussions of the pandemic—even more so than their own health. Individuals tended to be only “somewhat concerned” about personally contracting COVID-19, but “very concerned” about vulnerable loved ones.

Easing Tensions After Economic Relief Bill Passed

Financial anxiety across the nation has decreased slightly after the $2 trillion economic stimulus package—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—was passed unanimously in the Senate last week. Before the bill was passed, a third of people surveyed were “extremely concerned.” Since then, the proportion has fallen to a quarter. Additionally, only 10 percent were “not at all concerned” or “not so concerned” prior to the stimulus package, but since then, 17 percent fall into those two categories of lowest concern.

Pessimistic Views of the Federal Government

Despite passing the CARES Act, people are not giving the federal government much credit for easing their concerns. Regardless of political party, survey respondents tended to view Congress as having a “mild negative impact” on them. By contrast, local governments were reviewed more favorably, with average responses ranging from “neutral” to a “mild positive impact.”

More than a quarter of Republicans responded that the Trump administration has had a “significant positive impact.” Only one percent of Independents and no Democrats shared that view. Almost three quarters of Democrats, more than half of Independents, and one in ten Republicans actually said the opposite—that the White House has had a “significant negative impact” on them.

Changing Workforce Dynamics

The stimulus package and other economic relief efforts by the federal government are intended to help Americans who have been financially hurt by the COVID-19 outbreak. For example, more than a third of full-time and part-time workers have experienced a significant change in their employment status or hours:

• 17 percent remain employed, but with reduced hours.

• 6 percent remain employed, but not able to work (still collecting a paycheck).

• 10 percent have been temporarily laid off, but expect to return to work.

• 2 percent have been laid off permanently.

In addition, 30 percent of full-time employees are still required to work on site, especially in manufacturing, government, healthcare, and food services. However, 34 percent are now required to work remotely, 15 percent have the option to do so, and 17 percent already had this option or requirement.

For more details about these findings, other COVID-19 survey results, and future updates from this research series, please visit www.covidoutlook.com.

Survey Methodology Initial results based on 658 respondents in the United States who answered five-minute online questionnaires between March 19, 2020 and March 29, 2020. Most questions prompted answers on Likert-type scales. Certain analyses are based on subsets of the survey population only, and the participant counts for each subset is listed at www.covidoutlook.com/insights. Additional details about the survey methods and their limitations are available at www.covidoutlook.com/methods.

About SBB Research Group Founded in 2010, SBB Research Group is an innovative Chicago-area investment management firm. Founder and CEO Sam Barnett, PhD, is an applied mathematician and neuroscientist specializing in quantitative predictions of complex systems, and COO and CCO Matt Aven provides expertise in economics and computer science. They lead an interdisciplinary team of researchers continually striving to optimize the protection and growth of investor capital. The company specializes in creating bespoke funds seeking both stability and long-term results through a systematic investment approach.

This post first appeared on PopDiaries and is also available on Yahoo! Finance.