Brand marketers may be worried about reduced consumer spending depending on the outcome of the fast-approaching presidential election, but new research from First Insight found that consumers are not basing future shopping decisions on the outcome of the election—in fact, the report shows that a mere 1 percent difference exists depending on which candidate is elected.
The survey of more than 1000 people also found that worry about the coronavirus is receding and consumers may be experiencing COVID fatigue, with over a 20 percent drop in concern since April, from 87 percent to 69 percent. Further, the impact of coronavirus on consumer purchase decisions showed a 27 percent decrease, to 65 percent, vs. the highest peak reported in April (89 percent).
“It is surprising to hear from the voice of consumers that they expect the election outcomes will have so little impact on their shopping behavior or purchase patterns,” said Greg Petro, CEO of First Insight, in a news release. “It’s also clear that coronavirus fatigue has set in, with the pandemic playing a lesser role in shopping decisions than it once did. Given this data, that is coming directly from consumers, companies who want first-mover advantage in their market must begin to execute strategies now and not have a wait-and-see point of view.”
The percent of consumers cutting back on spending due to coronavirus has decreased nearly 23 percent, from 62 percent to 48 percent, aligned with trends observed in purchasing behaviors in categories such as cars sales, home sales, home improvement as well as other select categories within the overall economy.
First Insight’s findings are based on the results of U.S. consumer studies, balanced by gender, geography and generation fielded on February. 28, Mar. 17, Apr. 3, Apr. 30, Apr. 30, July, 10, and Sept. 4, 2020. The studies were completed through proprietary sample sources among panels who participate in online surveys.