New research from cloud-based digital marketing provider, Mapp Digital, has revealed the extent to which consumers are delaying major purchasing decisions due to the effects of the Coronavirus pandemic.
The Covid-19 Consumer Confidence Report, published by Mapp Digital, has revealed that 41% of UK consumers are delaying major purchasing decisions due to the current situation.
Meanwhile, 47% of UK consumers believe that the Coronavirus crisis will have a significant impact on their spending habits over the next 12 months.
Mapp Digital surveyed 1,194 UK consumers between March 23-24 2020.
The most likely products to be delayed were white goods (15%), followed by cars (9%) and properties (6%).
Furthermore, 40% of consumers plan to spend as little as possible for the coming months.
In addition, 37% revealed that they are visiting e-commerce sites a lot less than usual; and 60% admit that they are more careful with what they spend their money on.
52% of consumers expect to be in isolation for up to three months.
“It is a great reminder for brands to continue going the extra mile for their vulnerable customers, but also to focus their marketing efforts on brand values and maintaining trust,” said Ricardas Montvila, senior director, global strategy at Mapp Digital.
This report was produced to help UK brands to align their strategies in priorities in line with consumer confidence in the short-term during the isolation as well as in the long-term post Coronavirus.