This document provides the results of a consumer confidence survey conducted in May 2020 in the Capital Region regarding the impact of the COVID-19 pandemic. Key findings include that employment is the top concern, especially for those under 35, and most feel financially worse off than a year ago. Younger respondents are more willing to make significant life changes in the coming year like returning to school or changing careers. Most will prioritize essential home services over improvements and want venues to have clear cleaning procedures before returning. A vaccine is the top factor to regain confidence in attending large events. The report outlines strategies for businesses to position themselves, get ready to reopen, and reassure consumers as the recovery progresses.

1. Capital Region
Consumer
Confidence
Survey
MAY 2020

2. May 2020
Good morning!
Paul Fahey, Vice PresidentChristopher Fasano, PhD
Senior Marketing Strategist
Digital Marketing Director

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. The Situation

5. May 2020

6. May 2020

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. May 2020

9. May 2020
Recovery Shape: V, U or L?

10. May 2020
Recovery Shape: V, U or L?

11. May 2020

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. May 2020
Who is this new consumer?
What did we learn?
How have they changed?

14. Overit CC Study
Methodology

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. Key Findings

17. May 2020
Q1: Which of the following issues matter MOST to you right now?
(Select up to three)

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. 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. 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. 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. 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. 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. 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. 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. 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. May 2020
Q7: Is supporting arts and cultural organizations more or less
important to you in the coming year?

28. May 2020
Q8: Once regional museums and theaters are allowed to
reopen, when do you intend to return and visit ?

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. 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. 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. 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. Implications and
Opportunities

34. May 2020
The new consumer
Quarantined Semi-Quarantined New,
evolved consumer

35. May 2020
The new consumer
Quarantined:
◎ hibernate
◎ spend only on essentials/groceries, stockpile
◎ switched brands in response to supply problems

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. 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. 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. 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. Additional Resources

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. May 2020

43. Bellevue Woman’s Center | April 2019

44. May 2020
Innovations we love
Empty runway = drive in theater Develop your own training

45. May 2020
Innovations we love
Beach reservations WFH Jammies