What consumers are concerned about as coronavirus pandemic persists has changed, based on the latest Global State of the Consumer Tracker by Deloitte.
While consumers are starting to cope with health issues and anxiety, their financial worries remain abundant, which will affect industries such as the automotive market.
The Global State of the Consumer Tracker reveals important shifts in sentiment and spending goals since the COVID-19 peak in April.
The auto retail market suffered from low demand due to self-isolation measures for an extended period of time. Financial issues may become a huge factor of how people will be interested in the automotive sector.
Health concerns can also affect one's choice between owning a vehicle and using alternative transportation modes in the near future.
Findings of the tracker showed that 27% of consumers are concerned about meeting upcoming payments and 43% are delaying large purchases.
Nearly half or 49% of vehicle owners intend to keep their car longer than they originally planned, while 27% of current owners are not having regular maintenance for their vehicles.
Health concerns
Meanwhile, personal health remains the top concern of less than half of US consumers (48%). However, this is a decline from 57% measured during the peak in early April.
In addition, people are considering their use of public transit (60%) and ride-hailing services (57%) over the next three months.
For millennials, their immediate financial concerns rise, as 36% of 18- to 35-year-olds are worried about making upcoming car payments. They also fear losing their jobs, with 37% of US consumers concerned about unemployment.
Going to the store appears safe now, according to more consumers (42%), an increase from 30% in April.
Online transactions
Moreover, the number of consumers who plan to buy online is gradually declining, particularly in restaurants. However, this trend is similar in categories like apparel and electronics.
In early April, almost half (47%) of US consumers intend to order from and pay restaurants digitally in the coming month. However, the figure went lower to 39%.
Results also showed that 52% of consumers plan to remain loyal to the brand names they trust.
Consumers who are worried about their family’s health are more likely to buy name brands that were not doing well before the coronavirus crisis took place. Meanwhile, 42% of consumers say they will transact more from companies that have responded well to the crisis.
Travel brands have a reason to be optimistic. Almost one-third of US consumers (31%) want to go to a hotel for leisure travel within the next three months, an increase from a low of 24% in mid-April.
The “Deloitte Global State of the Consumer Tracker” held the survey in 15 countries and asked 1,000 consumers in each country.
Retail sales
The impact of coronavirus pandemic is also undeniable on retail industry and consumer behavior, according to a First Insight study.
Findings revealed that coronavirus has been affecting consumer shopping behavior, purchase decisions, and retail sales.
Findings showed that 66% of consumers in the U.S. are worried about the spread of coronavirus and believe that it will somewhat or significantly affect the economy.
Meanwhile, 44% believe the coronavirus spread has influenced their purchase decisions. Thirty-five percent think the coronavirus changes where and how they shop.
Almost one third, 29%, are utilizing BOPIS services to have products delivered without going in-store. Data shows that 18% of consumers use curbside pickup, 17% use subscription services, and 13% use autoship.
