In a Boston Consulting Group survey that gauged consumer sentiment April 24-27, 81 percent of respondents believed there would be a recession. Going further, 56 percent said they were concerned about personal finances, while 61 percent believed COVID-19 would change their behavior permanently.
Just 36 percent said their spending habits would quickly return to normal after the coronavirus was under control.
Acceptance of typical car pitches “will depend on how consumer sentiment evolves and how the economic situation evolves,” Lara Koslow, a senior partner at Boston Consulting, told Automotive News. “I think there are two factors in play with regard to consumer sentiment. There’s the sentiment around the virus, and how do I feel about my health and safety and pursuing activities and a more normal daily life, and then there’s sentiment around the recession and my financial security. We still don’t know exactly how those two things will play out over time.”
Koslow said sentiment is…