Impact of COVID-19 on banking, finances
Fifty-one percent of Americans report that their banking behavior has changed since the coronavirus pandemic, with 25% using their mobile banking app more, according to a survey from Logica Research. Almost one in five Americans report using peer-to-peer payments more now than before the COVID-19 pandemic, with Gen Z and Millennials leading the way.
Of those impacted since March 15, 2020, 17% have been laid off and 13% have been furloughed. The survey found that 90% of Americans whose jobs have been negatively impacted by the pandemic expect to return to their jobs. Future planning has also been impacted with 26% of working Americans planning to postpone retirement, and 40% unsure as to whether they will retire at the same time they planned to before March 15.
The research was conducted from April 8-14, 2020. Read more.
Advertising during the COVID-19 pandemic
The COVID-19 pandemic has disrupted business, but going silent on consumers is a risk. Research from Nielsen, looking at advertising trends and strategies, estimates that brands that go totally dark for the rest of 2020 could face revenue declines of up to 11% in 2021.
Advertising for travel was down 60%, retail declined by 21% and telecommunication ads saw a 17% drop in units following the pandemic status (March 9 - April 19). Countries around the globe also saw declines in the ad market, depending on a number of factors, including nations’ response to the crisis and impact to respective economies. According to Nielsen, COVID-themed creative unites – national and local markets – saw a 96% increase from March 30 to April 13.
The research was conducted from January 27 through April 19, 2020. Read more.
Post-coronavirus messaging
Research among 1,028 U.S. adults by GfK shows that a slim majority (55%) of Americans believe that brands will need to adopt a new set of concerns and messages post-coronavirus. The remaining 45% believe that companies should return to pre-coronavirus themes “as soon as possible” so that consumers can “forget” about the crisis. Sixty-six percent of those with children under the age of three favor a return to pre-virus messaging, compared to just 34% of those who have no kids. Sixty percent of women think brands should behave as if the post-virus world is completely different, while men are event split between forward-looking and nostalgic messaging. Fifty-six percent of people living in large urban areas would prefer that brands revert to earlier themes, versus 40% of those who live in smaller cities.
The research was conducted May 29-30, 2020.
Trust in federal government declines
According to Heart+Mind Strategies’ ongoing COVID-19 tracking study, 60% of respondents say they are confused by messages from the federal government. Overall trust of the federal government has reached its lowest point, falling below 25% for the second time since the study began on March 19, 2020.
When looking at the continued emotional response to the COVID-19 pandemic, 32% of Americans say they feel “hopeful” and 31% say they feel “angry right now,” according to the survey. Only 8% share both emotions. Those who indicated feeling hopeful were asked, “Which of the following best describes your reasons for this feeling?” Nearly 45% selected “opportunity for change” while less than 15% selected “action of government leaders.”
The research was conducted June, 2020.
Confidence in U.K. government drops
Respondi and AudienceNet polled 2,201 U.K. adults to learn about reception of the governmental quarantine measures. The results reveal a drop in confidence in the government, with just 15% of respondents saying that they believe the new measures will work, while 9% believe it won’t negatively affect the economy. Thirty-six percent say they fear the quarantine measures might lead to job losses. Measures that would have been preferred include “air bridges” (59%) which connect the U.K. with other countries or a test-and-trace approach (70%).
The research was conducted June 8-9, 2020.