Resonate, a Reston, VA-based provider of A.I.-driven marketing data and intelligence, released the findings of a flash survey of 5,000 consumers that provides insights into how the ongoing COVID-19 outbreak is fundamentally changing the buying habits and sentiments of American consumers. According to Resonate: “The Resonate Coronavirus Connected Flash study — the largest, most comprehensive of its kind to date — posed more than 100 questions 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.”
“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,” said Bryan Gernert, Chief Executive Officer of Resonate.
Sample insights from the wide-reaching survey include the following:
- Consumer Sentiment and Behavior: 80% of people are more worried about their financial health vs. 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 4 or more times, with only 17% saying they have not left home for those reasons at all.
- 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.
- Retail Behavior: 55% say they’re more likely to purchase products online in the next 90 days, and 41% are more likely to purchase groceries online. Surprisingly, 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, and 21% are more likely to cancel an existing subscription service.
- 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.”
For more information on Resonate, visit www.resonate.com.