Some 41% of UK consumers are delaying major purchasing decisions due to the current situation, with the most likely products to be delayed being white goods (15%), cars (9%) and properties (6%).
Forty per cent of consumers plan to spend as little as possible for the coming months, with 47% of UK consumers saying that the Coronavirus crisis will have a significant impact on their spending habits over the next 12 months, according to this week’s instalment of Mapp Digital’s Covid-19 Consumer Confidence Report.
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.”
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.
Retailers who wish to receive a free copy of the UK Consumer Study, may do so by answering 10 questions about the impact on their business here.