The pandemic has hit lower-income households especially hard. But its effects are being felt across income brackets, and not always in predictable ways—for instance, upper-income consumers are making the biggest spending cuts.
With bigger-than-average incomes and households, Gen Xers do bigger-than-average buying. But often on the lookout for deals, they are not spending heedlessly. Digital plays an important role in their shopping, especially during the pandemic.
The Hispanic population’s collective purchasing power is large and will get larger. But marketers can’t ignore the fact that many Hispanic consumers’ finances have taken a severe hit during the pandemic. A rebound to pre-pandemic conditions would still leave Hispanics with below-average income and wealth.
By conservative estimates, LGBTQ+ individuals make up approximately 4.5% of the US population, but account for 8%— approximately $1 trillion—of the country’s disposable income, according to a 2020 report from Kearney.
For years, luxury brands around the world have been slow to adopt digital. But the pandemic has sped up the process, forcing many to pivot and innovate during a time when a large number of transactions are happening digitally.