COVID-19 Consumer Survey Shows Shopper Decisions & Behavior Changing

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COVID-19 Consumer Survey Shows Shopper Decisions & Behavior Changing

By Path to Purchase IQ Staff - 04/13/2020
Resonate

Resonate, a provider of AI-driven marketing data and intelligence, unveiled the findings of a flash survey of 5,000 consumers. The results provide insight into how the ongoing COVID-19 outbreak is fundamentally changing the buying habits and sentiments of American consumers. 

The Resonate Coronavirus Connected Flash study posed more than 100 questions in March to nearly 5,000 consumers to evaluate how American citizens are viewing and adapting to the current crisis across a broad spectrum of industries and categories.

Retail Behavior

Regarding retail behavior, the survey had these responses:

  • 55% say they’re more likely to purchase products online in the next 90 days.

  • 41% are more likely to purchase groceries online. There is likely to be a long-term gain for these services.

  • Food delivery is expected to increase significantly for 38.81%, and that figure likely increases as the ‘“stay at home” period continues.

  • Only 10% say they’re more likely to start a subscription to a service such as a meal delivery kit in the next 90 days.

  • 21% are more likely to cancel an existing subscription service than subscribe (10%) while house-bound

  • Amazon shows big gains through this time, with 44% saying they’ll increase their use, and the 46.25% who will remain the same are already likely Amazon shoppers.

Consumer Behavior

As for consumer sentiment and behavior, the survey responses were: 

  • 80% of respondents are more worried about their financial health versus their physical health
  • Many consumers still aren’t taking social distancing seriously. Two-thirds (65%) of people say they’ve left their home 1-3 times in the past week to visit a store, restaurant, or other retail establishment
  • 18% have done so four or more times 
  • Only 17% saying they have not left home for those reasons at all

“The ongoing COVID-19 crisis has thrown every sector – from travel to retail to financial services – into disarray, and brands are struggling to understand the new reality and adapt to continual new information,” Resonate CEO Bryan Gernert said. “At Resonate, we have the ability to instantly tap into the consumer psyche, at scale, to uncover the real human impact of COVID-19. This helps companies understand how their customers and prospects will react during this crisis so they can tailor their messages accordingly. Because this research is connected to our National Consumer Study, and integrated into their ecosystem, it’s dynamically updated and continuously scaled for use. That’s the only way companies can address today’s consumer.” 

Other insights from the wide-reaching survey include the following:

Financial Plans

  • 61% of consumers say they’ve decreased their spending as a result of the COVID-19 situation
  • 34% of people are less likely to remodel or refurbish their homes
  • 32% are less likely to purchase a house
  • 24% are less likely to take out a personal loan
  • 20% are less likely to leverage new financial services at all

Travel Plans

  • Among people who have cancelled airline or hotel reservations as a result of the COVID-19 situation, only 15% say they’ve rebooked. 
  • Two-thirds of people (67%) think it will take until at least Fall 2020 for their travel activities to return to normal. 
  • 26% expect it won’t be until 2021 or later.

“This recent survey represents a first-of-its-kind effort to help organizations understand and tangibly navigate the American consumer attitude and behavior shifts brought about by this pandemic,” continued Gernert. “It is important for all industries to recover as quickly as possible from this crisis, which is why we are offering this data – a $50,000 value – to the entire marketplace free of charge.”