Coronavirus causing sales jumps, online price gouging

March 5 2020 by Dan Berthiaume from Chain Store Age

 

The coronavirus (COVID-19) is affecting consumer behavior and creating problems on third-party marketplaces.

A recent survey from retail predictive analytics company, First Insight demonstrates consumers are changing some shopping behaviors as a result of the coronavirus, with generational variations. Overall, 35% of respondents have cut back on spending in preparation for the impact of the coronavirus, with millennials (40%) and Gen Z (41%) cutting back the most compared to baby boomers (23%) and Gen X (36%).

A little more than one in five (22%) of respondents say they are buying more products in anticipation of the spread of the virus, with grocery leading as the top product consumers are buying more of (19%). This is followed by household products and personal care items at 13%, health products at 12%, and beauty products at 7%.

About three in 10 (29%) of respondents say they are taking advantage of BOPIS services and curbside (18%) pickup to get products without going in-store. By generation, Gen Z leads in taking advantage of BOPIS (47%) with millennials favoring curbside pickup (30%).

Furthermore, as result of the coronavirus, 21% of respondents say they are shopping more frequently online. Roughly half (49%) of respondents say that due to the coronavirus outbreak, they are concerned about receiving apparel or other products that were produced in impacted areas such as China.

Read the Full Article at Chain Store Age

baby boomers  millennials  Gen Z  gen x  CONSUMER REPORT  Coronavirus  COVID-19

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