5 critical economic trends for financial marketers
COVID-19's effects on consumer attitudes and preferences are changing the baseline that financial marketers and retail bankers operate from. Borrowing behavior is shifting, frugality is stepping up in some sectors, and the Uber Generation is thinking about buying their own cars for the sake of hygiene. Get ready for ongoing redefinition of what you thought you knew.
f you like change, life as a financial marketer in the “new normal” is going to make you very happy. Here is just a sampling of what banks and credit unions must now watch out for now as coronavirus thinking becomes built into everything in the period here … and ahead.
1. How Consumers Are Coping with COVID Recession’s Impact and Stress
One of the key elements of the “American Dream” is homeownership, which typically means a mortgage. Over half of mortgage borrowers have had a drop in income, according to a July poll by LendingTree. One in five mortgage borrowers have missed a mortgage payment since March, the company also reported.
A TransUnion pulse research study found that by July consumers who say they have been impacted by the COVID recession estimate they have, on average, just short of six weeks before they can’t pay all of their bills. Multiple reports have noted that, increasingly, layoffs are becoming terminations and furloughs are going longer.
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