Commerce During COVID-19 Report
Life, along with traditional shopping habits, was abruptly upended in March 2020 as the coronavirus, known as COVID-19, began to spread across America. Within the following weeks the majority of Americans found themselves in a situation they had not encountered before- without the freedoms they are accustomed to.
Budgets quickly became constrained and brick-and-mortar was no longer a viable option as a majority of American residents were under shelter-in-place or similar restrictions leading to a whole new era of commerce.
In this report we look into the shopping, spending, and saving habits quickly formed by American consumers as the world struggles to contain the COVID-19 pandemic.
GET THIS REPORT TO:
- Understand how shopping habits have changed since the pandemic began in mid-March, and how COVID-19 could impact both brick-and-mortar and online shopping in the long-term
- Uncover patterns around digital discounts and how consumers perceive the importance of promotions when shopping online during COVID-19
- Discover how constrained budgets from the widespread job loss related to COVID-19 has led consumers to turn to Buy Now, Pay Later options, and which generations are most likely to utilize these services.
KEY FINDINGS IN THIS REPORT:
- Online shopping has dramatically increased since earlier this year due to COVID-19, especially among Gen-Z consumers. Fifty-nine percent (59%) of all respondents are doing more online shopping as a result of the COVID-19 pandemic, and that jumps to 65% when looking just at the Gen-Z generation.
- Consumers have increased their purchasing at Amazon, but have also shown an increased willingness to try new stores, especially when items are cheaper or not in stock. The Millennial generation is the most willing to try new stores.
- Discounts have become an extremely important part of digital shopping, with 92% stating they search for a better deal before making an online purchase. Furthermore, due to COVID-19 the search for promo codes has risen to match the later portion of last year's holiday season levels according to various indicators.
- During the pandemic, Buy Now, Pay Later (BNPL) services (such as Klarna, Afterpay and others) have been attractive payment options, especially to younger generations. Of those who ever used a BNPL service, 2 of 3 (66%) Gen Z consumers stated they used it for the first time due to COVID-19, and 1 of 2 (56%) of Millennials stated the same.
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