Commerce During COVID-19 Report

Life, along with traditional shopping habits, was abruptly upended in March 2020 as the coronavirus, known as COVID-19, began to spread across America. Within the following weeks the majority of Americans found themselves in a situation they had not encountered before- without the freedoms they are accustomed to.

Budgets quickly became constrained and brick-and-mortar was no longer a viable option as a majority of American residents were under shelter-in-place or similar restrictions leading to a whole new era of commerce.

In this report we look into the shopping, spending, and saving habits quickly formed by American consumers as the world struggles to contain the COVID-19 pandemic.

GET THIS REPORT TO:

• Understand how shopping habits have changed since the pandemic began in mid-March, and how COVID-19 could impact both brick-and-mortar and online shopping in the long-term
• Uncover patterns around digital discounts and how consumers perceive the importance of promotions when shopping online during COVID-19
• Discover how constrained budgets from the widespread job loss related to COVID-19 has led consumers to turn to Buy Now, Pay Later options, and which generations are most likely to utilize these services.

KEY FINDINGS IN THIS REPORT:

• Discounts have become an extremely important part of digital shopping, with 92% stating they search for a better deal before making an online purchase. Furthermore, due to COVID-19 the search for promo codes has risen to match the later portion of last year's holiday season levels according to various indicators.
• During the pandemic, Buy Now, Pay Later (BNPL) services (such as Klarna, Afterpay and others) have been attractive payment options, especially to younger generations. Of those who ever used a BNPL service, 2 of 3 (66%) Gen Z consumers stated they used it for the first time due to COVID-19, and 1 of 2 (56%) of Millennials stated the same.

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