Special Report:

Consumer Confidence

Special Report:
Consumer Confidence in the Context of COVID-19

As the world adapts to the COVID-19 pandemic, how have consumer behavior and confidence been affected? How are people adapting week to week, and what does it mean for retailers and other consumer facing industries? 

To answer these questions, DISQO has conducted a study into consumer confidence over time. Beginning in late March 2020, we began surveying a selection of DISQO Audience members each week, seeking to understand:

  • 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

Each week, over 10,000 people shared their perspectives. In this report, we are sharing the results of the first three editions of the survey, encompassing 32,574 responses from 21,930 unique individuals to unveil shifts in consumer confidence from late March through early April. As further editions of the study are conducted, and we continue to track consumer confidence over time, updates will be made available.

Today, over 100 charts are available for download via the form on the right. A few highlights are available below!

Assessing Human Recall: Understanding Limits & Measuring Reality







 




Consumer Spending Over Time

Currently, approximately half of the public reports that they are spending less now than they were a month ago. While this is not ideal news for retailers, that figure seems to have somewhat stabilized over the last week, with only a nominal increase between the March 30th and April 6th auditions of the surveys.

Meanwhile, a third of people report that their spending habits are consistent with last month, a number that likewise fell between March 23rd and March 30th but has since stabilized.

Spending Habits by Age
N = 10,925 DISQO Audience survey, April 4, 2020 through April 6, 2020
Q: Which of the following statements best describes your current habits? 18-24 25-34 35-44 45-54 55-64 65-74 75+
I’m spending more money than I was last month. 18.3% 19.0% 17.8% 17.8% 14.8% 13.8% 12.0%
I’m spending the same amount of money as I was last month. 29.5% 34.9% 33.2% 30.5% 33.8% 33.8% 32.5%
I’m spending less money than I was last month. 52.2% 46.0% 48.9% 51.7% 51.4% 52.4% 55.5%

Consumer Spending By Age

Each week, those between 25 and 35 years old have been the most likely to report that they are spending more money than they were last month.

Reviewing their reported recent purchases, this group is also the most likely to have recently purchased health & beauty products (29.5%) or home & garden items (12.8%). Millennials are also only second to Gen Z with respect to recent home entertainment purchases, which may be another reason for this group’s higher proclivity for increased spend

Reported Activities

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.

Share of Shopping Done Online Over Time

Week over week, we have seen an increase in reported online shopping activity. Just two weeks ago, only 15% of people reported making 76% or more of their purchases online. As of April 6th, that figure rose to 22%.

Currently, on average people report that 39.4% of their shopping is done online, a figure that was only 32.8% just two weeks ago.

Methodology

The survey was conducted online, distributed to a nationally representative sample of DISQO Audience members within the United States via the Survey Junkie platform, which is wholly owned by DISQO. Surveys were taken on both desktop and mobile devices.

To assess how sentiment shifts over time, DISQO conducted this survey on a weekly cadence. The first edition of the study generated 11,250 responses, which were collected over a 3 day period, from March 21, 2020 through March 23, 2020. The second edition of the study generated 10,399 responses, which were collected over a 3 day period, from March 28, 2020 through March 30, 2020. The third edition of the study generated 10,925 responses, which were collected over a 3 day period, from April 4th, 2020 through April 6th, 2020.

About DISQO

DISQO is a consumer-first insights platform that delivers unprecedented data and analytics to the market research industry. The company powers insights professionals and marketers with automated solutions that drive consumer research and improve ad effectiveness. Today, DISQO delivers an accurate and complete view of the consumer via technology built on the foundation of the largest first-party research audience. By engaging consumers who choose to share their attitudes and behaviors, DISQO captures the highest quality data, empowering its clients to make confident decisions. Founded in 2015, DISQO is headquartered in Los Angeles, California, and has over 140 employees.