During the last 7 months, a huge part of the American population (42% to be exact), has skipped or failed to pay their bills, and over a third (39%) believes they will have to keep on skipping some bills in the near future.
This is based on a study made by DOXOinsights where the results are based on a sample of 1,568 households. These are 3 main takeaways from their study:
- 57% of consumers’ incomes have taken a hit in the past seven months
- 70% have delayed discretionary spending on big purchases
- 75% continue to be very worried about their future financial health
According to visual capitalists, this is the situation that is affecting Americans' personal finances:
Not only has 20% of Americans failed to pay rent this year, but a more alarming 28% believe that they will have to skip their rent payments in the near future.
Not only rent, but their mobile phone bill, their Auto Insurance - which makes us think: How many Americans are out there driving without insurance? - Life insurance, Health Insurance! Even with this virus threatening our lives and our health, the impact in our wallets is so big that we still can't manage to pay for our health insurance. However the good news is that we can see from the graphics above that Americans are still prioritizing health insurance above all else.
What about savings?
Americans are concerned about using up all of their savings in the last few months in order to survive. How many months’ worth of savings do U.S. consumers think they have if they were to lose their jobs? The fear of losing their jobs is very real and the threat is still out there.
35% of Americans believe they could only survive one month with their savings, while 23% believe they could survive 7 months without a job.
How does this affect the cleaning industry?
While the cleaning industry has managed to not only stay afloat, but to actually thrive during this global pandemic, we cannot help but notice a lot of other industries are falling apart. As long as the threat of the virus continues in our lives, the economy impact can be so big, that nobody knows for certain what's about to happen.
In a global crisis like the one we're living, a continuous threat like COVID-19 compels us to increase health and cleaning protocols no matter what happens, so it's almost safe to assume that our industry will continue to grow in the next few years. Our industry has always been an important part of our everyday lives, and lately it has become essential. This leaves us with a huge responsibility: every other industry will rely on ours to continue operating. We must continue to improve our product quality, our formulations, we should focus now more than ever into making products that do not harm our users, and we need to be able to produce more than enough products for the continuously high demands.