Worry About Coronavirus is Falling
Pittsburgh, PA – October 7, 2020 -- With the United States presidential election just a few weeks away, a recent survey by First Insight found that consumers are not basing future shopping decisions on the outcome of the election. In fact, the report shows that a mere 1 percent difference exists depending on which candidate is elected.
The survey of more than 1000 people* also found that worry about the Coronavirus is receding and consumers may be experiencing COVID fatigue for the first time with over a 20 percent drop in concern since April, from 87 percent to 69 percent. Further, the impact of Coronavirus on consumer purchase decisions showed a 27 percent decrease, to 65 percent, vs. the highest peak reported in April (89 percent).
“It is surprising to hear from the voice of consumers that they expect the election outcomes will have so little impact on their shopping behavior or purchase patterns,” said Greg Petro, CEO of First Insight. “It’s also clear that Coronavirus fatigue has set in, with the pandemic playing a lesser role in shopping decisions than it once did. Given this data, that is coming directly from consumers, companies who want first-mover advantage in their market must begin to execute strategies now and not have a wait-and-see point of view.”
The percent of consumers cutting back on spending due to Coronavirus has decreased nearly 23 percent, from 62 percent to 48 percent, aligned with trends observed in purchasing behaviors in categories such as cars sales, home sales, home improvement as well as other select categories within the overall economy.
For a deeper look at the data across multiple demographic, geographic and industry segments, download First Insight’s infographic here or visit our website at www.firstinsight.com and request the full report.
*The new findings were revealed as part of First Insight’s ongoing series of consumer sentiment studies entitled, “The Impact of Coronavirus on Consumer Purchase Decisions and Behaviors.” Now publishing the seventh study in the series, the company has been tracking consumer data since February 28, 2020, fielding additional studies on March 17, April 3, April 20, April 30, July 10, and September 4, 2020. The findings are based on the results of U.S. consumer studies of targeted samples of more than 500 or 1,000 respondents each per survey, balanced by gender, geography and generation. Studies are completed using proprietary sample sources among panels who participate in online surveys. The full data set is available upon request.
About First Insight, Inc.
First Insight is one of the world’s leading Experience Management (XM) platforms that empowers companies to incorporate the Voice of the Customer into the design, pricing, planning and marketing of products and service offerings. Through the use of online consumer engagement tools, the First Insight platform gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, consumer products companies, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.
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