New Financial Trends and Attitudes Coming Into Focus During the COVID-19 Pandemic
Uncovering each generation's consumer trends and financial attitudes during the pandemic--and what they anticipate for the future
Marketers, sales professionals, executives, and brand leaders are facing an unprecedented, challenging situation: how to understand and adapt to consumers amidst a pandemic causing store closings, social distancing, and quarantine measures.
To attract and retain each generation of customers and drive growth during these uncertain times, leaders first need to know how consumers are thinking about money, spending, saving, and their financial attitudes toward the future. CGK’s 2020 study, Unexpected Consumer Insights and Generational Attitudes in this Unprecedented Time, fills in the missing data gaps so leaders can take fast, data-driven action during and after the pandemic.
The study uncovered many insights. In particular, three of them have broad implications across a wide array of businesses, brands, products, services, and industries. We wanted to know:
• What new and different spending habits have each generation established during this pandemic?
• What gender and generational differences emerge in what consumers want to first spend their money on after social distancing restrictions are lifted?
• What does each generation think will be the most positive thing to come out of the COVID-19 pandemic?
Below are a few of the surprising findings from the study:
47% of all Americans
will put more emphasis on saving money after the pandemic
71% of all Americans
agree that they’ll try to support local businesses more in the future
68% of Baby Boomers
believe the U.S. will need at least two years to recover from the pandemic
73% of all Americans
plan to first spend their money dining in at restaurants when restrictions are lifted
"CGK's national study revealed that each generation is experiencing the COVID-19 pandemic differently. This is very important to know as it explains why each generation is now making different financial decisions."
—Jason Dorsey, President, CGK
Watch CGK President Jason Dorsey's Virtual Keynote Preview Video.
The study’s findings answer numerous questions about how Americans are being financially affected by the multitude of changes brought on by the COVID-19 pandemic. We believe understanding these new emerging realities by generation is an important first step for leaders to decide what strategies and actions to take—and why.
Generations are all experiencing these changes differently based on their unique generational perspective and priorities. What each generation wants is different—but brands, products, services, and marketers can deliver it. The key is to know what matters most and then take the appropriate action. To get all the findings, download the report now by filling out the form on this page.
"Understanding the financial toll of the pandemic from Gen Z to Baby Boomers is essential to engage each generation as consumers. This national research fills in the missing knowledge gaps that leaders need to know to build revenue strategies now."
—Denise Villa, PhD, CEO, CGK
About this National Generational Research Study
This custom study was designed by The Center for Generational Kinetics and conducted online from April 28, 2020, to May 4, 2020. The survey was administered to 1,000 U.S. respondents ages 18-90. The total sample was weighted to the current U.S. Census data for age, region, gender, and ethnicity. Figures are statistically significant at the 95% confidence level. The margin of error is +/-3.1 percentage points.
Generational Research, Speaking and Advisory That Solves Challenges for Leaders
The Center for Generational Kinetics has led more than 65 generational studies, spanning four continents and multiple languages. Each year, we work with over 100 clients, from global retailers and financial services leaders to pioneering technology companies. We have helped financial service providers invent new products and offers, launched new cars to a new generation of buyers, and helped hospitals attract and retain the next generation of nurses.
We are passionate about helping you solve your generational challenges and drive measurable results. Contact us now to schedule an initial consultation with our research, consulting, or speaking teams.