March 16, 2020
Photo by istock.com
The COVID-19 coronavirus pandemic is impacting consumer shopping behavior, purchase decisions and retail sales, according to a First Insight study.
“As the coronavirus continues to impact our economy, millennials are emerging as the most concerned generation,” said Greg Petro, CEO of First Insight, in a press release on the study findings. “While most consumers are worried about the virus’ overall impact, the behavior of mllennials is changing more dramatically than any other generation — they are cutting their spending, stocking up on groceries, using public transportation less and staying indoors.”
The news comes amidst an increasing number of retailers closing locations temporarily in light of the pandemic. Keep up on coverage in the retail industry by clicking here.
The study reported a majority of consumers in the U.S. (66%) are worried about the coronavirus spread and said the coronavirus will somewhat or significantly impact the economy.
Nearly half, 44%, said the coronavirus spread has impacted their purchase decisions and 35% said the coronavirus is impacting where and how they shop.
Nearly one third, 29%, are taking advantage of BOPIS services to get products delivered without going in-store, with 18% using curbside pickup, 17% using subscription services, and 13% opting for autoship.
Topics: Consumer Behavior, Coronavirus / COVID-19, Customer Experience, Retail – General, Trends / Statistics