Findings from an IBM Institute for Business Value (IBV) survey of U.S. consumers reveals shifting personal behavior and preferences resulting from the COVID-19 pandemic.
The study polled more than 25,000 U.S. adults in the month of April to understand how COVID-19 has affected their perspectives on a number of issues, including retail spending, transportation, future attendance at events in large venues, and returning to work. The results revealed that not only do U.S. consumers surveyed plan to make significant changes in the way they go about their lives and work in the wake of the virus.
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Many consumers indicated that they plan to reduce their use of – or forgo entirely – ridesharing and public transportation. They also indicated they are less likely to attend large events once the crisis abates but are more likely to attend sporting events. Many respondents also expressed changes in the way they will shop and spend their money, including an increased willingness to use contactless payment technologies when shopping, alongside a reluctance and hesitation to make new car purchases due to personal financial concerns resulting from the pandemic.
“The study provides further evidence that COVID-19 is permanently altering U.S. consumer behavior. There are long term implications of the new consumer behaviors for industries like retail, transportation, and travel among others. These organizations need to quickly adapt their business models to serve the new consumer behaviors in order to survive and thrive,” said Jesus Mantas, Senior Managing Partner, IBM Services.
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