Unrest Is Changing the Way Americans Spend Money
They’re buying Black, they're buying healthy and some aren't buying at all.
Covid-19 and Black Lives Matter are changing how Americans spend and save.
Photographer: Bloomberg
The back-to-back shocks of a deadly virus, lockdowns and civil unrest have a growing number of Americans reevaluating not just their life priorities, but also how — or even, if — they’ll spend their money.
Good.Must.Grow, a Los Angeles-based firm, said its Conscious Consumer Spending Index, which tracks expected purchases of socially responsible brands, suddenly rebounded after trending down since 2017, jumping 15% in May from the previous study in November. Asked what criteria would influence their post-pandemic spending, almost 70% of respondents cited a company’s ability to make a positive impact on society and the environment. The firm polled more than 1,000 Americans.