Report: U.S. consumer sentiment during the coronavirus pandemic

Resonate released a new report, “U.S. Consumer Sentiment During the Coronavirus Pandemic.” The study asked nearly 5,000 consumers more than 100 questions to assess how American citizens are viewing and adapting to the current crisis.

Retail Behavior

Regarding retail behavior, the survey responses were as follows:

• 55% of respondents are more likely to buy a product online in the next 90 days.
• 41% of respondents are more likely to buy groceries online. These services could bring long-term benefits.
• Takeout volume is expected to increase significantly by 38.81%, and this number is likely to grow as people continue to "stay at home".
• Only 10% of respondents were more likely to subscribe to a service such as meal delivery kits in the next 90 days.
• 21% of respondents are likely to cancel their existing subscription services.
• Amazon has seen significant gains during this time, with 44% of respondents increasing their usage and 46.25% keeping it the same.

Consumer Behavior

As for consumer sentiment and behavior, the survey responses were as follows:

• 80% of respondents are more worried about their financial situation than their physical health.
• Two-thirds of respondents (65%) left home one to three times in the past week to go to stores, restaurants or other retail locations.
• 18% of respondents have done so four or more times.
• Only 17% of respondents did not leave their home at all.

Financial Planning

• 61% of consumers have reduced their spending due to the coronavirus pandemic.
• 34% of respondents are unlikely to renovate or renovate their home.
• 32% of respondents said it was impossible for them to buy a house.
• 24% of respondents are unlikely to apply for a personal loan.
• 20% of respondents are not likely to take advantage of new financial services at all.

Travel Plans

• 15% of respondents who cancelled their flight or hotel reservations due to the coronavirus have already rebooked.
• Two-thirds of respondents (67%) believe that their travel activities will not return to normal until at least the fall of 2020.
• 26% of respondents do not expect to realize their travel plans until 2021 or later.

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