Unvaccinated Americans Are Going Out and Spending More, Research Shows
As the U.S. moves closer towards a pre-pandemic normal, vaccinated Americans are beginning to go out and spend more this spring. However, data shows that they are not spending as much as those who aren’t vaccinated.
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April spending and survey data from market-research firm Cardify.ai show that unvaccinated consumers who don’t plan on getting the vaccine are spending the most on restaurants, entertainment and personal care compared to vaccinated consumers.
Those who have received the Covid-19 vaccination are “proceeding with cautious optimism,” said Derrick Fung, chief executive of Cardify, as reported by The Wall Street Journal. Fung also added that unvaccinated consumers are more to be risk-tolerant and living a more normal life.
WSJ also noted that spending at entertainment venues had increased by 20% in April among those who don’t plan to get vaccinated compared to January 2020. For vaccinated consumers, this number has only increased by 10% during the same period, according to data from Cardify.
An analysis by data company Earnest Research has also found that spending has scaled more rapidly in states with vaccination rates below 45% than in states with higher rates as of May 3, reports WSJ. According to analysts, data is showing that higher rates of vaccinations haven’t been the main driver behind the early stages of economic recovery; however, this will likely change as we move closer towards a full reopening.
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Earnest Research has noticed a political overlap as states who voted Republican in the 2020 U.S. Presidential election are less vaccinated with more consumer spending compared to states that voted Democrat. WSJ pointed out that this could be because blue states had tighter restrictions throughout the coronavirus pandemic.
Since the Centers for Disease Control and Prevention has relaxed public health guidelines, Mr. Fung expects spending among vaccinated consumers to increase by the summer. WSJ reported that economists predict economic growth between 6% and 7% in 2021.
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This article originally appeared on GOBankingRates.com: Unvaccinated Americans Are Going Out and Spending More, Research Shows
