Four in ten consumers delaying major purchases
New research has revealed the extent to which consumers are delaying major purchasing decisions due to the effects of the Coronavirus lockdown.
The Covid-19 Consumer Confidence Report, published by Mapp Digital, has revealed that 41% of UK consumers are delaying major purchasing decisions due to the current situation.
The most likely products to be delayed are white goods (15%), followed by cars (9%) and properties (6%). Forty percent of consumers plan to spend as little as possible for the coming months. Indeed, 47% of UK consumers believe that the Coronavirus crisis will have a significant impact on their spending habits over the next 12 months.
Furthermore, 37% have revealed that they are visiting e-commerce sites a lot less than usual; and 60% admit that they are more careful with what they spend their money on.
One consumer commented: “I hope things go back to normal, but I fear that things will just get more expensive as shops try to recover lost revenue.”
Such consumer apprehension is unsurprising when considered alongside the fact that when asked the question “How has the current situation affected you financially? (1-10)”, more consumers than any other group replied: 10.
As an indication of the changing importance of shopping for customers, the most frequently used words in response to the question “What is the first thing you will do as soon as the isolation is over?” are “family”, followed by “work” and “friends”. The word “shop” came fourth. One consumer commented: “Have family and friends round like it’s Christmas Day, have a big dinner/lunch together.”
More than half (52%) of consumers expect to be in isolation for up to three months.
Ricardas Montvila, Senior Director, Global Strategy, Mapp Digital, comments: “It is a great reminder for brands to continue going the extra mile for their vulnerable customers, but also to focus their marketing efforts on brand values and maintaining trust.”
This report was produced to help UK brands to align their strategies in priorities in line with consumer confidence in the short-term during the isolation as well as in the long-term post Coronavirus. Mapp surveyed 1,194 UK consumers between 23rd and 24th March, 2020.