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.