Five consumer studies by First Insight, taken between February and April, found that perception that COVID-19 would impact the global economy remained consistently strong as consumers adjusted to new world orders. Worry and fear became driving forces and reached a peak in April correlating with reports of high levels of positive virus cases.
First Insight’s first report, on Feb. 28, identified Millennials as the most worried. “Millennials were first to change behavior, curtailing spending and going out in public less often, stocking up on goods and being more likely to work from home,” authors said of the report. Data from the survey found 36 percent of Millennial respondents had changed how much they were spending on products as a result of news about the coronavirus.