COVID-19 Effects on Consumers

Over the last several months, we have written a lot about the COVID-19 pandemic. And its various implications. In this post, we focus on COVID-19 effects on consumers.

Research about COVID-19 Effects on Consumers

To learn more about this topic, we turn to boobook — a data analytics firm headquartered in Belgium. 

Recently, boobook conducted surveys of 500 people in each of these countries: USA, Brazil, France, UK, Germany, Spain, Belgium, China, South Africa. For greater accuracy, the research is nationally valid. And it encompasses 4,500 respondents.

By clicking the image, you may access boobook’s full report. For highlights, read below.

According to boobook’s Nicole Huyghe, writing for Greenbook:

Two months after the crisis hit, we launched a global study to gather as much data as possible to reveal insights on changes in consumer behavior. The study ran from the end of May until mid-June.We found seven key takeaways.

1. 1. Money doesn’t buy happiness. People in countries with the least income stability are the most optimistic. On the contrary, European countries, with higher living standards, are mostly pessimistic when it comes to finances.
   2. Four consumer types are emerging. — Comfortable optimists. Considerate spenders. Cautious wait-and-seers. Financial survivors. 
   3. Saving it up: Smarter and long-term. Many consumers, across countries and segments, will pay more attention to saving their money. 
   4. Fewer rather than cheaper. Closely linked to saving, we see how people buy more consciously and spend more wisely. They will be careful with what they buy rather than buying cheaper products. 
   5. “Clicks & bricks” remains the best retail strategy. Although online shopping is practical, safe, and easy, many consumers still enjoy going to stores.
   6. Family time is the best time. When asked how they will treat themselves in the next 12 months, people mostly opted for spending on going out, traveling, fashion, and home & garden. 
   7. Local sounds good, but I’d rather pay for eco, ethical, and healthy! A brand and shopping environment that is “safe for my health” and ethical have become more important to consumers since the pandemic started.