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Overit Consumer Confidence Survey

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COVID-19 has had a significant impact on every aspect of our lives. As the Capital Region prepares to resume and recover -- where do we go from here?

This webinar will share the results of Overit’s Capital Region Consumer Confidence Survey, a study of local consumers and stakeholders, to reveal:

Consumer outlook for the rest of 2020

Changes in lifestyle, career path and consumer behavior

The purchases they will make (and what they’ll put off)

What it will take to get them visiting your business or venue

Actionable steps on what to do next

The Capital Region is re-opening. Arm yourself with the research you need to know.

http://overit.com

Published in: Business
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Overit Consumer Confidence Survey

  1. 1. Capital Region Consumer Confidence Survey MAY 2020
  2. 2. May 2020 Good morning! Paul Fahey, Vice PresidentChristopher Fasano, PhD Senior Marketing Strategist Digital Marketing Director
  3. 3. May 2020 Let’s talk ● Public service project for regional business, non-profit and community leaders to help inform their strategic plans, marketing plans and help them better meet the needs of consumers ● Learn about Capital Region+ consumer confidence in the post-coronavirus pandemic ● Replace questions with confident recommendations: strategies, opportunities, identify obstacles to returning to normal
  4. 4. The Situation
  5. 5. May 2020
  6. 6. May 2020
  7. 7. May 2020 COVID Impact ● The impact of national lockdown is obvious: If none of us can go to work, economic activity stops. ● Impacted economy much harder than previous downturns ○ Hit faster than: dot com bubble, housing crisis. ○ Deeper than 9/11 ● Fastest fall ever in GDP, market valuation, employment, etc. ● Not a normal downturn. We know why this happened. We deliberately closed the economy. But we have never shut down a whole economy and then started to reopen slowly.
  8. 8. May 2020
  9. 9. May 2020 Recovery Shape: V, U or L?
  10. 10. May 2020 Recovery Shape: V, U or L?
  11. 11. May 2020
  12. 12. May 2020 Room for Optimism? ● Spain in August. Industrial production stops. The factories close and activity is reduced 30 percent. People return from vacation, factories reopen and the economy returns to normal. ● South Korea and China were able to institute a measure of control over COVID and keep business running. ● Cuomo’s 4-Phase Plan began Friday May 15th. A handful of states have re-opened, albeit with restrictions on capacity and health… ● In 2009, the banks were the problem. Today, they’re part of the solution.
  13. 13. May 2020 Who is this new consumer? What did we learn? How have they changed?
  14. 14. Overit CC Study Methodology
  15. 15. May 2020 Methodology ● Web-based survey ● 307 completed surveys ● Deployed May 7-9, 2020 ● New York’s Capital Region and surrounding counties ● Demographics of participants mirrors region
  16. 16. Key Findings
  17. 17. May 2020 Q1: Which of the following issues matter MOST to you right now? (Select up to three)
  18. 18. May 2020 Q1: Employment Concern Highest Amongst Under 35 Employ ment Social Safety Net Services Regional Economy National/global economy Health care overwhelmed Health care access My Public Health/Safety Getting back to normal 18- 24 60% 14% 24% 36% 21% 3% 57% 31% 25- 34 60% 21% 22% 22% 34% 24% 54% 41% 35- 44 33% 20% 27% 29% 31% 18% 51% 51% 45- 54 32% 17% 30% 32% 28% 17% 53% 43% 55- 64 36% 13% 23% 34% 34% 23% 53% 40% 65+ 7% 26% 33% 38% 38% 29% 55% 43% Green High Score Red Low Score
  19. 19. May 2020 Q2: Would you say that you and your family are financially better off or worse off right now than you were a year ago?
  20. 20. May 2020 Q2: Millenials/Gen Z most volatile. Older ages more likely same or worse off. Worse Off Better Off Same 18-24 41% 5% 50% 25-34 40% 18% 38% 35-44 31% 20% 44% 45-54 30% 13% 57% 55-64 38% 6% 55% 65+ 23% 4% 62%
  21. 21. May 2020 Q3: Now looking ahead - do you think that a year from now you and your family will be financially better off, worse off, or about the same as you are right now?
  22. 22. May 2020 Q4: In the coming year, do you anticipate making any of the following significant changes in your life? Select all that apply.
  23. 23. May 2020 Q4: Younger groups more likely to make changes (New Consumers) Youth want to learn more about personal finances. Return to college/t ake college courses Change my career path Learn more about personal financial security Move away from densely populated areas to suburbs, rural areas Take better care of my health and fitness Prioritizing time spent with friends and family Significantl y Cut Personal Expense No significant changes to my life 18-24 52% 14% 26% 5% 59% 33% 19% 14% 25-34 12% 19% 34% 19% 56% 44% 32% 9% 35-44 13% 20% 33% 16% 44% 49% 33% 24% 45-54 2% 19% 21% 17% 49% 34% 17% 26% 55-64 6% 6% 17% 9% 51% 21% 26% 32% 65+ 0% 2% 10% 10% 33% 38% 19% 38%
  24. 24. May 2020 Q5: Generally speaking, do you think the next six months will be a good or bad time for people to make a major purchase such as a home, car or boat?
  25. 25. May 2020 Q6: In the coming year, I am likely to prioritize essential home services (home maintenance and repairs, HVAC, pest control) over home improvements, such as new patio furniture or a pool.
  26. 26. May 2020 Q6: I am likely to prioritize essential home services/essentials over upgrades (pool, etc) TRUE FALSE Neither will be higher priority than other N/A 18-24 26% 21% 21% 33% 25-34 46% 13% 22% 19% 35-44 40% 22% 33% 4% 45-54 36% 13% 38% 13% 55-64 51% 4% 21% 23% 65+ 45% 7% 33% 14%
  27. 27. May 2020 Q7: Is supporting arts and cultural organizations more or less important to you in the coming year?
  28. 28. May 2020 Q8: Once regional museums and theaters are allowed to reopen, when do you intend to return and visit ?
  29. 29. May 2020 Q8: Older more unsure, younger more willing to return earlier. Within a week Within a month 1-3 months 6-12 months May wait a year Unsure 18-22 12% 21% 26% 17% 3% 21% 25-34 12% 10% 21% 18% 18% 22% 35-44 9% 22% 24% 22% 4% 18% 45-54 6% 9% 23% 9% 28% 26% 55-64 11% 15% 19% 11% 19% 26% 65+ 0% 7% 14% 12% 12% 50%
  30. 30. May 2020 Q9: What will give you more confidence to visit events with large groups, such as theaters, concert halls, and business mixers, etc. (Select up to three)
  31. 31. May 2020 Q9: Vaccine desired by all ages. Younger want formal cleaning procedures more. Older ages want operational changes and won’t be influenced by others. Govt lifting social distancing Hearing the organization has formal cleaning procedures and on-site hand washing stations No changes needed, I feel confident to return Operational changes such as limited seating and shorter lines to reduce crowd size Seeing others visit first The availability of a vaccine, test or tracking of the virus 18 - 24 12% 21% 7% 16% 12% 31% 25 - 34 19% 18% 3% 9% 10% 38% 35 - 44 9% 4% 11% 20% 13% 36% 45 - 54 13% 11% 6% 19% 2% 45% 55 - 64 6% 13% 13% 19% 0% 45%
  32. 32. May 2020 Q10: Describe any other concerns that you would like us to know about. * letting league sports get back to normal!! * The impact of COVID-19 on mental health and how no one seems to care about the effects of social distancing, unemployment, no school, closings of businesses etc all have on someone’s mental health… * I’m concerned about sending my children back to school * Right now the most important thing to be concerned is the cleanliness of means of transportation since we all have to commute.
  33. 33. Implications and Opportunities
  34. 34. May 2020 The new consumer Quarantined Semi-Quarantined New, evolved consumer
  35. 35. May 2020 The new consumer Quarantined: ◎ hibernate ◎ spend only on essentials/groceries, stockpile ◎ switched brands in response to supply problems
  36. 36. May 2020 The new consumer Semi-Quarantined: ◎ delivery, drive-in, drive through, digital ◎ “wait and see” ◎ learned they didn’t need as much ◎ got their entertainment elsewhere (retail shopping IS entertainment) ◎ brands will need to rebuild loyalty. need to be re- introduced to customers. Same as gaps in your advertising plan.
  37. 37. May 2020 The new consumer New, evolved consumer: ◎ Online/delivery/curbside/low contact visits, subscription models. ◎ Re-prioritize spending ◎ Health conscious and likely interested in new products and services. ◎ Herd identity ◎ Will generally stay with trusted brands, switching adds another layer of uncertainty. Established brands have emotional bonds, new brands don’t.
  38. 38. May 2020 Positioning and Messaging Strategies ◎ Create certainty and control: We are in control of the situation (aware, responded, monitoring) ◎ Competence: We have competent professionals working on it (company leadership, guided by health professionals) ◎ Concern: We care (new safety policies, procedures) ◎ Reduce Risk: Offer financing, deferred payments, warranties
  39. 39. May 2020 Get ready to open! ◎ Strategic Planning: Rethink your assets, delivery/contact models. Big box vs boutique? ◎ Ramp-Up TOMA: Build, then drop to sustaining levels. News, digital will dominate. ◎ Reassure – What are your policies? Are we shaking hands, should I bring my mask to the meeting? Communicate. ◎ Now Open! Are your banners and signs ready? Social media posts drafted? Advertising and emails ready to go? ◎ Send a strong, clear signal. Ribbon cutting, flip the “now open” sign or simply get dressed! ◎ State of the State Speech. Draw a line in the sand, put this behind us.
  40. 40. Additional Resources
  41. 41. May 2020 Additional resources ◎ CEG and Capital Region Chamber - our region’s economic development first responders. Subscribe to their newsletters for regional business KPIs, labor statistics, etc. ◎ Colleen Dilenschneider - Thought leader on non-profits, national perspective on issues. ◎ McKinsey & Company - Google “McKinsey global consumer behavior covid-19” ◎ Trendwatching.com, covidinnovations.com
  42. 42. May 2020
  43. 43. Bellevue Woman’s Center | April 2019
  44. 44. May 2020 Innovations we love Empty runway = drive in theater Develop your own training
  45. 45. May 2020 Innovations we love Beach reservations WFH Jammies

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