The impact of coronavirus pandemic is undeniable on retail industry and consumer behavior, according to new data.
A First Insight study revealed that coronavirus has been affecting consumer shopping behavior, purchase decisions, and retail sales.
Findings showed that 66% of consumers in the U.S. are worried about the spread of coronavirus and believe that it will somewhat or significantly affect the economy.
Meanwhile, 44% believe the coronavirus spread has influenced their purchase decisions. Thirty-five percent think the coronavirus changes where and how they shop.
Almost one third, 29%, are utilizing BOPIS services to have products delivered without going in-store. Data shows that 18% of consumers use curbside pickup, 17% use subscription services, and 13% use autoship.
"As the coronavirus continues to impact our economy, millennials are emerging as the most concerned generation," said Greg Petro, CEO of First Insight, in a press release on the study findings.
"While most consumers are worried about the virus’ overall impact, the behavior of mllennials is changing more dramatically than any other generation — they are cutting their spending, stocking up on groceries, using public transportation less and staying indoors."
Closing locations
Several retail stores have temporarily suspended their operations and shut down store locations as the country braces for COVID-19, the coronavirus pandemic.
Even Amazon, the world's largest online retailer, has reported out of stock items and delayed shipping times.
Business Insider reported that more than 30 major US retailers are temporarily closing their doors.
The number of temporary store closings is nearing two dozen, according to a Business Insider report.
"In the short term this is having an impact on how we serve our customers," Amazon said. "We are working around the clock with our selling partners to ensure availability on all of our products, and bring on additional capacity to deliver all of your orders.
