Suzy, a leading on-demand consumer insights platform, has released data from a recent presentation given by CEO and Founder Matt Britton on the effects that Coronavirus is already having on consumer behavior and sentiment across the United States.
“Coronavirus and the State of the U.S. Consumer, Part 2”
Entitled “Coronavirus and the State of the U.S. Consumer, Part 2,” the presentation was initially given on March 20th to business leaders across several key industries. Data was sourced from a census-weighted panel of 866 consumers on the Suzy platform, and collected in real time between March 18th and March 19th. Here is the full research report.
Among other concerns, this latest report addresses the following key takeaways:
Concern Is Setting In
Overall, 71% of Americans are now “very concerned” about the news surrounding COVID-19, compared to 47% who said the same thing two weeks ago. The specific fears consumers expressed, in order of magnitude, were:
- Health of Family
- Personal Health
- Job Security
- The Economy
- Spreading the virus to others
59% of consumers now believe the COVID-19 crisis will last up to three months; 25% believe the crisis will last four to six months, and 10% believe it will last over six months.
Purchasing Trends Are Changing
54% of consumers are no longer considering the purchase of big-ticket items (homes, cars, trips, luxury goods) over the next three months. Instead, consumers are focusing on two tiers of consumable products, which Britton has deemed the “Survival” tier and the “Sanity” tier:
Tier 1 (Survival) Products
Tier 2 (Sanity) Products
74% are buying more Food and Beverages
50% are buying more personal Care Items
47% are buying more Household Cleaning Items
33% are buying more OTC Medicine
24% are buying more Alcoholic Beverages
22% are buying more Entertainment
21% are buying more Beauty Products
15% are buying more Electronics
Where consumers are buying their products has also changed. Over the last two weeks, consumers are beginning to fear crowding and lack of inventory, and said they are shopping less at wholesale and big box retailers (at a decrease rate of 33% and 35%, respectively).
Meanwhile, despite concerns about deliverability of packages, online shopping has increased 31% in the past two weeks; visits to local grocery stores have increased 28%.
Fast Food Is Thriving – For Now
Interestingly, 38% of consumers said that they’ve been visiting quick service restaurants more in the past week, possibly as an alternative to sit-down restaurants.
Franchises with the highest increase in visits include:
- McDonald’s: 58%
- Dunkin’ Donuts: 40%
- Burger King: 38%
- Starbucks: 36%
- Wendy’s 35%
- Chipotle: 35%
However, this might not be the case for long; 42% of consumers said that they do not trust the safety of any food prepared by QSRs.
“With this survey, Suzy confirms the importance of listening to your customer – and that in times of uncertainty, there are opportunities for new leaders to emerge,” Britton said in a statement after the presentation’s release.
Britton also announced plans to provide more webinars in the future to continually update companies on how consumer behavior changes and evolves over the course of this crisis. In addition, the Suzy website is now home to a Consumer Insights Hub for information related to COVID-19, including blog posts, a sentiment tracker, links to past webinars, the latest statistics from Suzy’s real-time audience network, and more.
Part One of the “Coronavirus and the State of the U.S. Consumer” webinar series, which was presented on March 5th, can be found here.
Founded in 2017, Suzy puts the voice of your consumer at your fingertips. Whether you’re a novice or an expert researcher, our platform brings advanced tools together with the highest quality audience to deliver insights in minutes. Some of the biggest brands in the world use Suzy to deliver breakthrough products and experiences backed by data-driven decisions. Suzy is growing and hiring. Learn more at www.suzy.com. #AskSuzy, #SuzySurvey