The COVID-19 virus has turned our lives upside down. There have been concerns about our health, many of us have shifted to working from home, and scores of shops and restaurants have temporarily closed. To find out how the crisis has affected consumer behaviour, we commissioned a study by market research firm Ipsos. Read on to discover the most revealing results.
Life changed dramatically
Life has changed dramatically since the arrival of COVID-19, according to the responses. On a scale of 1 (no change) to 10 (total disruption), the degree of change was rated an average of 7.2. 40% of respondents said that their ‘overall sense of freedom’ is what they missed the most, followed by seeing family (27%), and meeting up with friends (21%).
Consumer behaviour during the coronavirus pandemic
Coronavirus has changed the way consumers behave. And that is only natural: now we are spending most of our time at home, we have different needs. 30% of respondents said they had recently purchased products that they would not have done otherwise, especially food, electronics, and toys. Respondents expect to spend most of their money in the coming period on clothing, DIY, and sports and fitness items.
The uncertainty caused by the virus has also caused consumers to tighten their purse strings. 34% of respondents said they had delayed purchasing something due to the crisis. City breaks, summer holidays, and faraway escapes – all postponed or cancelled. Half of respondents expect not to go on holiday at all this year.
“50% of respondents expect not to go on holiday this year.”
All of this shows that consumers will need to an extra boost or incentive to make a purchase at this time. And a promotional campaign is an excellent way to do just that. Our research has shown that respondents are very receptive to promotions. Cashback campaigns are particularly appealing, with one in three respondents being enticed by these. With a cashback campaign, customers receive a refund of a certain amount once they purchase a product. This makes the product more affordable and gives customers that final push they need to choose a specific brand or product.
There is plenty more insightful information that has come out of the study. We’ve bundled all of the data into a simple infographic. What to find out more about the study? Or curious about how we can help you respond to changing consumer behaviour, such as setting up a cashback campaign? Then feel free to get in touch with us!