U.S. Grocery Consumers' Confidence is Rebounding Along with a Strong Desire for Value, dunnhumby Consumer COVID-19 Study Finds
dunnhumby, the global leader in customer data science, today released findings from a year-long worldwide study of the impact of COVID-19 on customer attitudes and behavior across 22 countries. The seventh wave of the dunnhumby Consumer Pulse Survey found that Americans, for the first time since the pandemic began, are beginning to feel noticeably better about personal finances and are now prioritizing value over speed when they shop.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210407005184/en/
Customer confidence between March 2020 and February 2021 (Graphic: Business Wire)
The latest wave found that 58% of U.S. consumers reported that the U.S. economy is weak, a sharp drop of 17% from last March when 75% reported the economy was weak. The study also found that 39% of consumers reported that their finances were poor, a drop of 15% from just November when 54% reported their finances were in bad shape and in the court was in the grips of the third wave of the pandemic. Americans are now at the lowest level of worry about the virus (23%) since the crisis began and have dropped nine percentage points since November on the dunnhumby Worry Index.
Even though U.S. consumers' confidence is beginning to rebound, consumers remain concerned with the cost of food with 43% saying they are paying more than they did before the pandemic. In contrast, just 24% reported they are paying less for food. As a result, 80% are taking at least one action to seek value with the most popular action being to shop at stores with everyday low prices (52%). Consumers return to value seeking aligns with the dunnhumby 2021 Grocery Retailer Preference Index which postulated that the importance of value would return once consumers worry about the virus dissipated.
Survey respondents rebounding confidence aligns with the University of Michigan's consumer sentiment survey which increased more than 8% in March to its highest level in a year but still 7% below where it stood pre-pandemic. And survey respondents concerns with the higher cost of food also aligns with Consumer Price Index Summary which reported that "food at home index increased 3.5 percent over the past 12 months."
Key findings from the study:
For this study, dunnhumby surveyed 48,449 respondents online in 22 countries: Asia (Australia, China, South Korea, Malaysia, Thailand), Europe (Czechia, Denmark, France, Germany, Hungary, Ireland, Italy, Norway, Poland, Slovakia, Spain, United Kingdom), Latin America (Brazil, Chile, Colombia), and North America (United States, Mexico). The online interviews were conducted for Wave One from March 29 - April 1 2020; Wave Two from April 11 - 14, 2020; Wave Three from May 27-31, 2020; Wave Four from July 9 - 12, 2020 in the U.S., Canada and Mexico only; Wave Five from August 28 - September 3, 2020; Wave Six from November 20 - 25, 2020; and Wave 7 from February 18-24, 2021.
Approximately 400 individuals were interviewed in each country for each Wave of the study, and respondents were roughly 60% female and 40% male.
dunnhumby is the global leader in Customer Data Science, empowering businesses everywhere to compete and thrive in the modern data-driven economy. We always put the Customer First.
Our mission: to enable businesses to grow and reimagine themselves by becoming advocates and champions for their Customers. With deep heritage and expertise in retail - one of the world's most competitive markets, with a deluge of multi-dimensional data - dunnhumby today enables businesses all over the world, across industries, to be Customer First.
The dunnhumby Customer Data Science Platform is our unique mix of technology, software and consulting, enabling businesses to increase revenue and profits by delivering exceptional experiences for their Customers - in-store, offline and online. dunnhumby employs nearly 2,500 experts in offices throughout Europe, Asia, Africa, and the Americas working for transformative, iconic brands such as Tesco, Coca-Cola, Meijer, Procter & Gamble and Metro.
What Can Forward-thinking Business Do with Voice Interactions?
Top Security Threats to Your Corporate Assets
Networking LIVE! Reception - On the Amazing Spacious Seaside Patio of the Loews Miami Beach Resort