The Impact of Coronavirus (COVID-19) on Consumer Behavior
Numerator Intelligence | August 26, 2020
Across the country, states and cities have seen a decline in COVID-19 cases making possible continued reopening procedures. As a result, we’ve seen a decrease in COVID-19’s impact on shopping behavior and the level of concern consumers have regarding the virus. However, until the country is able to limit the spread of the virus, we will continue to see elevated levels of consumer impact and cyclical patterns of behavior. Experiencing product shortages, avoiding eating out, and delaying purchases all saw the biggest drops this month versus last. Online shopping declined a bit, but remains elevated, with nearly one-in-two shoppers opting for online in lieu of in-store. Three-fourths of consumers surveyed said they had placed an online delivery order recently, and over half said they had placed an online order for pick-up. There is a large, sustained shift to online. Retailers must continue to prioritize and invest in these delivery and pick-up options. The economic impact of COVID-19 and the fear of getting sick remain at the top of the list when it comes to consumer concerns, though fear of infection is the primary concern for twice as many individuals. Even as the country begins reopening, it’s going to take time to rebuild confidence and feelings of safety and security in this time of COVID-19. Now more than ever, it will be important to monitor consumer behavior and sentiment in order to navigate reopening communities and adjusting to this new normal.