The world is changing, and consumer behavior is no exception. As people adapt to working from home and otherwise staying indoors more often, how have their behaviors and confidence been affected? How rapidly are things changing, and what does it mean for the businesses who serve consumers?
To answer these questions, DISQO has conducted a study into consumer confidence over time, and the results from the first three weeks of the study are now available.
Each week, over 10,000 people have shared their perspective with us, giving insight into:
- Shifts in online shopping behaviors
- Engagement in everyday consumer activities
- Outlook for future engagement in consumer activities
- Concerns that may impact consumer confidence
- Overall spending shifts
In whole, the report contains over 100 charts that delve into the week over week and demographic nuances between the 32,574 responses received over the first three editions of the survey. As future editions of the study are conducted, the official report page will be updated, and we will continue to provide updates on the DISQO blog.
Today, here are a few notable highlights from the study:
- Nearly 40% of all purchases are now being made online. As of April 6th, respondents reported that an average of 39.4% of their purchases are now being made online, up notably from 32.8% just two weeks prior.
- One in 12 people are now making 100% of their purchases online. As of April 6th, 8.3% of people reported that 100% of their purchases were now online, a figure that has risen significantly over the last two weeks (up from 4.9% on March 23rd).
- Online grocery is filling the void for some consumers. While the number of consumers embarking on in-store grocery trips has fallen 9.7% over the last two weeks, the number participating in online grocery shopping has risen 3.4% to 21.8% More notably, 42.8% of people state they plan to purchase groceries online in the next two weeks, suggesting that growth in this category will continue, potentially at an accelerated pace.
- Home entertainment purchase activity is stable. Despite a slight majority of people reporting that they are now spending less money than the week before (50.4%), plans to purchase home entertainment have maintained relatively stable week to week, with falling only 1.8% since March 23rd (from 30.0% to 28.2%).
- Concern about contracting COVID-19 is increasing, though at a slightly slower rate. Currently, 35.5% of people surveyed report feeling extremely concerned about contracting COVID-19, a figure that has risen with each edition of the survey. That said, the growth from March 23rd to March 30th was 1.7 times greater (3.9%) than the growth from March 30th to April 6th (2.3%).
- Personal financial concerns are high, but stable. Currently, 62.9% of people report being moderately (39.6%) or extremely (33.2%) concerned about their personal finances, a figure which has remained relatively stable week over week.
For additional highlights, methodology, and access to the full report, visit the DISQO Consumer Confidence Study report page.