Coronavirus has turned our lives upside down. People are living in fear and anxiety about their health, many of us are working from home, and many shops and restaurants are shut until further notice. To understand how the coronavirus pandemic is affecting consumer behaviour, we commissioned a survey by market research agency Ipsos. Below are the most important results.
Life has changed drastically
Respondents say that their lives have changed drastically due to the coronavirus pandemic. On a scale of 1 to 10, they estimate the change at an average of 7.2. For 40% of respondents, an ‘overall sense of freedom’ is what they miss the most. They also miss seeing family (27%) and meeting friends (21%).
Consumer behaviour during the coronavirus pandemic
The coronavirus pandemic has changed consumer behaviour. This doesn’t come as a surprise: now that we’re at home more, we naturally have different needs. No less than 30% of the respondents say they recently purchased products that they wouldn’t have bought in normal times, with the biggest increases in spending on food, electronics, and toys. The product categories on which respondents expect to spend the most money in the near future are clothing, home decorations, and sports and fitness items.
The uncertainty created by the coronavirus pandemic is also causing consumers to tighten the purse strings, with 34% of respondents saying they have postponed a purchase because of the pandemic. And of course, any planned city trips, summer holidays, and long-haul trips are also being postponed or even cancelled. As much as half of the respondents don’t expect to go on holiday this year.
‘50% of respondents do
not expect to go on holiday this year’
If consumers are going to make a purchase over the coming weeks and months, they’ll need some extra encouragement and persuasion. A promotional campaign is an excellent way to help you achieve this. Our research has shown that respondents welcome such promotions, with cashback campaigns being the most popular: 1 out of 3 respondents are open to them.
As part of a cashback campaign, the customer is refunded an amount to his or her bank account after purchasing a product. This lowers the barriers to purchase and gives consumers that final nudge to opt for a specific brand or product.
Want to know more?
The survey has lots of other interesting information alongside the results above. We’ve incorporated all the information into a clear infographic –see below. If you’d like more information about the survey or to find out how our cashback campaigns or other promotions can help you respond to changes in consumer behaviour, please feel free to contact us!