Home » How Coronavirus Impacts Shopping Decisions, Spending, & Product Availability
As coronavirus spreads nationwide, a recent survey by First Insight found that news of the virus is impacting the shopping behavior of 75% of respondents, up from 45% (a 70% increase) when comparing to a survey fielded in late February. The survey by First Insight, Inc., a leading technology company transforming how retailers make product investment and pricing decisions, also pointed to significant swings in behavior by women and Baby Boomers over the last three weeks.
Both groups had been slower to change behavior based on Coronavirus fears than their gender and generational counterparts, but are now in greater alignment. For example, 71% of women now say that the virus is impacting where and how they shop, a 115% increase from late February, compared to 67% of men (a 76% increase). Similarly, while Millennials report the greatest impact on purchase decisions (80%, a 48% increase from the previous survey), Boomers have now aligned behavior more with their younger counterparts with 73% saying the same, a 121% increase from the prior survey.
“As the number of Coronavirus cases increases, the governments have reacted appropriately, with more restrictions on movement and face-to-face interaction coming every day. This certainly has affected people and their perceptions of the world around them,” said Greg Petro, CEO of First Insight. “This survey shows a significant shift in behavior as consumers adapt to their new reality, whether it’s increasing purchases of staple items, moving more shopping online, or cutting spending in some areas. The world looks very different than it did three short weeks ago, and things are likely to look different three weeks from today. Retailers, brands and manufacturers need to continue to be vigilant in providing the products customers need and want, both now and in future seasons. But, just as importantly, they need to understand what consumers want and how they feel today and into the future. That requires understanding the shifts in supply, demand, and customer preference. The only way to understand that shifting environment is to engage with their customers via tools like First Insight.”