Consumer Closeness
in the Age of Social Distancing
Week of April 5th: Finances
Many Canadians are still feeling 'up and down', with financial pressures taking a toll on peoples' spirits this week
%
Stressed/worried ?
%
Bored ?
%
Relaxed ?♀️
%
Optimistic ?
%
Anxious ?
The economy in particular is fueling concern and uncertainty, with collective sentiments reverting back negative
%
Decrease in overall positive emotions, compared to prior week
- Very concerned about the economy 62%
- Somewhat concerned 32%
- Not that concerned 5%
- Not at all concerned 1%
In addition to concerns about the economy at a macro level, many are facing new economic pressures at a very personal level
Changes in Household Income in the Wake of COVID-19:
- Partial loss of income 47%
- Full loss of income 10%
- No impact to income 41%
%
Have experienced at least some loss of income
%
Of those unaffected expect they might see a loss of income in next 30 days
New financial realities are weighing heavily on emotions
In order to understand underlying emotions related to current finances, we incorporated a unique & engaging implicit image elicitation exercise. The result? A deep understanding of the emotional context Americans are facing – beyond ‘concern’ and ‘worry’.
Participants were given a bank of projective images and asked to explain which best represents their feelings (Play the video to see what we heard) ?
Many are reprioritizing daily spending – focusing only on essentials
%
Have changed their spending
Limiting unnecessary expenses
“We only buy what we need and have cut down on all extras.”
“Just the basics, obviously much less social spending (not going for drinks or meals with friends), and no extras – no clothing or beauty products; really just groceries.”
“Cancelled holidays, birthday parties, gifts, cut back on grocery and any luxury items. Basically our finances are also on lockdown.”
Thinking ahead
“I’m saving every penny I can and am going to start buying stocks in companies that have lost value but will likely return after things stabilize.”
“Only buying groceries, essentials and paying bills. Saving as much as possible as our incomes are unstable.”
“Trying to build up previously non-existent savings in case the worst happens. “
“Big ticket” spending has also taken a hit
%
Are holding off on at least one previously planned big purchase
Top 10 big ticket items being held off:
Among Total:
- Home improvement/renovation? 30%
- Apparel ? 14%
- Furniture ? 12%
- Personal computer/laptop ? 10%
- Home appliances ? 10%
- Car ? 10%
- House ? 9%
- Mobile phone ? 7%
- Cosmetics, personal care ? 7%
- Handbags, shoes, and accessories ? 5%
Despite these heavy financial realities, Americans are still looking for and finding light and connection during these times
People are finding inspiration everywhere, from companies making ventilators, neighbors helping neighbors & strangers helping strangers. These acts of kindness provide much needed reassurance that we’re all in this together…
We also gave members of our conversational community the chance to share positive messages (and photos) with each other. The things they shared echo this powerful desire for togetherness…
Hover and click the arrows to see more
Catch up on past reports: Click here.
A word on our approach
This research is not just another COVID-19 survey. This study was conducted using immersive mobile messaging-based conversational exercises that capture robust quant data and emotive qual inputs in real-time from our mobile COVID-19 community members in one seamless experience. Take a look at the video to see a demo of how our technology works…
Fine Print:
Field dates 4/3-4/6, Base: n=450
Curious to know more?
Email marketing@reach3insights.com or
use the Contact button below.
www.reach3insights.com
info@reach3insights.com // SMS: (833) 4Reach3 // Phone: (833) 4Reach3