PITTSBURGH--(BUSINESS WIRE)--With hopeful signals that Coronavirus infections may be plateauing in Hot Spots like New York, a new study by First Insight found that an overall majority (60 percent) of consumers in the U.S. feel that stores should reopen by the end of May, 2020. Fielded on April 3rd, the study also found increasing optimism among consumers living in several Hotspots outside of New York, Millennials and men, who were most likely to believe stores should be open weeks earlier - at the end of April or early May.
However, worth noting, concerns about the impact of Coronavirus continue to grow, with 87 percent of consumers surveyed now saying they are worried about the Coronavirus, versus 71 percent in the last survey in Mid-March, an increase of 23 percent.
The results of the survey were announced today. Download the infographic to see all the key findings from the study here.
Other Key findings include:
Some Coronavirus Hot Spots Showing Optimism: While overall, 32 percent of respondents felt stores should open by the end of April/beginning of May, optimism was higher in several Coronavirus Hot Spots. Forty-three percent of respondents living in Detroit, Chicago, New Orleans, Los Angeles and San Francisco felt stores should reopen by the end of April or early May. By comparison, 35 percent of respondents in the New York City, New Jersey and Connecticut areas felt the same, on par with rural areas (the survey was performed before Governor Cuomo’s executive order extending the New York Pause to the end of April). The greater Seattle area in Washington State showed to be the least optimistic, with only 28 percent of respondents agreeing.
Men Ready to Head In-Store Sooner: While 65 percent of men and 54 percent of women felt stores should reopen by the end of May, 39 percent of male respondents felt stores should open weeks earlier, by the end of April/Early May, compared to women (25 percent).
- Millennials Hopeful About Shopping Sooner: Between 59-63 percent of respondents across every generation felt stores should be open by the end of May. However, Millennials are proving to be the most hopeful that stores will be opening sooner, with 39 percent of Millennials feeling stores should be open by the end of April/early May compared to 31 percent of Generation Z, 30 percent of Generation X and 28 percent of Baby Boomers.
“It’s clear that people are getting antsy and ready to get back to some form of normalcy, including shopping in-store,” said Greg Petro, CEO of First Insight. “However, the continuing increases in percentages of those worried about the Coronavirus in the last weeks points to the true reality of the situation. We may still have a way to go. That said, it is important that retailers and brands continue planning by ensuring they have the right product and price when the time comes, even if it’s just being offered online for now. It’s a delicate balance, but those who are connected closest with their customers will be best aligned should they be given the green light to reopen their doors.”
Notes on Survey Methodology and Analysis
First Insight’s findings are based on the results of three U.S. consumer studies of targeted samples of more than 500 respondents each balanced by gender, geography and generation, fielded on February 28, March 17, and April 3, 2020. The study was completed through proprietary sample sources among panels who participate in online surveys. Definitions including birth year ranges for each generation are listed out below:
- Baby Boomers (1946-1964)
- Generation X (1965-1979)
- Millennials (1980-1994)
- Generation Z (1995-2012)
About First Insight, Inc.
First Insight is the world’s leading digital product testing and decision-making platform that empowers retailers and brands to incorporate the Voice of the Customer into the design, pricing, planning and marketing of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models powered by machine learning and AI to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price, plan and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.