UK Consumers Keep Calm And Carry On
The results from our first wave of outreach from our Consumer Technographics® COVID-19 Survey are back. Responses from more than a thousand consumers across the UK, France, and Italy share how people feel about the pandemic lockdown and how it is impacting their behaviors and attitudes.
Consumers across all three countries are anxious about the economic impact of the pandemic lockdown. In the UK, consumers are:
- Saving and preparing their finances, anticipating a recession. With 67% of UK online adults anxious about the economy, many are actively saving and preparing their financial situations to be ready for the economic impact post-pandemic. More than a third of UK consumers are delaying major purchases or life events — such as moving to a new home, with the housing market all but frozen amid lockdown.
- Reducing spending and focusing on essentials. UK consumers are focusing on necessary spending, which now includes in-home, on-demand entertainment alongside groceries and household products. Fifty-five percent of UK online adults agree they are spending more time online than they ever have before. But more time spent online does not mean more money spent online: More UK consumers say they are spending the same amount online, rather than more, during the pandemic lockdown.
- Embracing new digital behaviors. Social isolation is forcing digital holdouts to turn to eCommerce for the first time. Fifteen percent of UK online adults have purchased groceries for the first time during the pandemic. For these digital newcomers, just over a third (34%) say they will go on to purchase much more online in the future.
- Placing higher value on company communications supporting well-being. UK consumers most value company communications on operations and opening hours impacted by the pandemic, as well as advice about their health, well-being, or financial situation. UK banks such as Barclays have dedicated resources online and via call centers for advice on money management. UK supermarkets like Asda are actively communicating with customers to inform them of opening hours and how social distancing measures will affect shopping in stores.
You can find more on our findings on the impact of COVID-19 on UK consumer behavior here and here.
Read more publicly available COVID-19 coverage here.