Updated: Apr 3, 2020
Roughly 9 of 10 households could receive a recovery rebate of some amount under the newly passed economic stimulus law. But what will consumers do with that money? Our friends at CivicScience wrote an interesting article about if/how people were planning on spending their “Coronavirus Stimulus” money.
If we are to believe the poll respondents, 31% will “Invest or Save it”. Yeah, right! But let’s go with those numbers and see what it could mean to local businesses in the Pittsburgh Metro.
Here are some rough estimates:
1.1M Households in the Pittsburgh DMA
Roughly 90% qualify – 990,000 Households
Single taxpayer gets $1,200 in their Stimulus check
Head of Household gets $1,200
Couples filing jointly gets $2,400 (more with dependent children)
Let’s just call the “AVERAGE STIMULUS CHECK” $2,000
990,000 Households receiving $2,000 = $19,800,000,000
Nearly $20 BILLION will be pouring into the Pittsburgh market in the next few weeks. Where will people spend their money?
Are you a Banker, Investment/Insurance Broker? That 32% is roughly $6.2 billion
Do you have a Debt Consolidation business?
What are “necessities”? Clothing, Furniture, Home Improvements …
IS YOUR BUSINESS READY TO CAPITALIZE ON THIS MONEY COMING INTO THE MARKET?
Maybe not today, but TOMORROW IS COMING. Be sure to do what the best marketers understand – keep you message in front of consumers BEFORE they’re ready to buy. ( To read the entire article, click here).
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