In the United States, it took a long time to convince many people that the coronavirus was an illness that needed to be taken seriously. Many citizens resisted the urge to protect themselves from infection by maintaining social distancing or wearing masks.
That denial seems to have been replaced by concern from almost everyone in the country, to some level, at least.
Updated research for Spectrem’s three-month report on the financial and economic impact of the coronavirus showed just how public opinion changed in one month from early March to early April.
For the April edition of Corona Crash: What Advisors Should Be Saying to Investors Now, investors were asked during the first week of April to place the impact of the coronavirus on the economy on a 0-to-100 scale. April marked the third month of questioning about the virus.
In February, the average response to the question was 60.94, indicating even then investors knew the virus would have an impact on the economy. The question was just how harsh the impact would be.
Then, in early March, investors were asked the same question and the rating jumped 10 points to 70.49. In Spectrem research history, a rating of 70 or above indicates a general agreement on the topic, with investors having different levels of concern about the issue being discussed. Such seemed to be the case in March.
In April, that rating reached the statistically high total of 87.09, and the rating was similar among investors of all age groups. Baby Boomers and World War II investors had the rating at 87.96 and 86.10, while Millennials rated the impact at 83.89 and Gen X investors rated it at 85.40.
The question no longer seems to be a question.
Corona Crash: What Advisors Should Be Saying to Investors Now is available here. The April edition will be published in mid-April.
Keywords: coronavirus, Spectrem, investors, advisors, Corona Crash, April, economy