The upended sense of normalcy caused by the COVID-19 global pandemic has generated dramatic changes in consumer spending behavior. CU Rise Analytics conducted a member spend analysis that looked at year-over-year and month-over-month (February to March) spending changes. The analysis suggests that COVID-19 has already had significant impact on purchasing patterns.
Beyond changes in spending, the revised economic outlook has created uncertainty among the American public. The warning signs of economic recession may already be showing up in credit union members’ transactional data, in the form of lower incomes and tightened spending.
So what are the best ways for credit unions to help?