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COVID-19 Impact on Consumer Spending

As a result of COVID-19, consumers have shifted away from spending on non-essential products, and are prioritizing spending in essential product categories. However, brand loyalty is impacted in essential categories. In order to retain customer loyalty and wallet-share, it is vital for companies to understand and track consumer behavior and preferences now more than ever.

To understand how consumer spending has been affected during a time of unprecedented economic disruption, Hanover Research has collected bi-weekly data on consumer impact and spending related to COVID-19 since April 20, 2020. This report, COVID-19 Impact on Consumer Spending, reflects the first wave of data to help companies benchmark and track consumer spend, frequency, and channels across product categories to maintain—and potentially strengthen—brand health during and after the pandemic.

The report details key findings, including

Understand emerging consumer trends

Spending across essential product categories is consistent regardless of age and income with one standout exception. Those with higher household incomes ($100,000 or more) are significantly more likely to spend money on health and wellness products right now (43%) compared to those making less income (35%). Over a third (39%) of these wealthier consumers are spending more on these products.

Use the data in this report to benchmark and track consumer spend, frequency, and channels across your product categories to maintain—and potentially strengthen—your brand health during and after the pandemic.

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