![\"Coronavirus](\"https://cdn.refersion.com/wp-content/uploads/2022/03/26102611/Package.jpeg\")
The COVID-19 pandemic has forced unprecedented restrictions on consumer behavior by keeping consumers at home and prioritizing which items they choose to purchase. While stay-at-home orders have affected many families’ total household income, even those who are still employed have changed the priorities they use to choose their purchases. With no definite end to the period of quarantine, uncertainty is high and budgets remain tight.
\n\n\n\nConsumer spending has fallen and 6.6 million Americans have filed for unemployment in the past week alone. Compared to an unemployment rate of 3.5% in February, we’ve jumped to 17% in March. With all of the uncertainty in the financial market, spending habits for the average consumer have changed dramatically.
\n\n\n\nA study by Alter Agents revealed that respondents who are financially anxious are 33% more likely to reduce the frequency of their spending and 16% more likely to reduce their spending amount. That’s bad news for retailers, especially those sectors where people are more likely to use their disposable income.
\n\n\n\nBut, good news is on the way! With the government set to issue checks to an estimated 93.6% of Americans, spending habits should go on the uptick. Taking the pressure off consumers by assuring them income replacement in the next few weeks will go a long way toward soothing their fears.
\n\n\n\nSpending habits can fluctuate unpredictably when consumers are fearful and uncertain about the future. Once people were strongly encouraged to stay home, shopping trends took a hard turn toward online retailers, fast food and take out delivery services, and grocery store pickup and delivery.
\n\n\n\nSome retail categories rose and fell over the past month but the trends are holding steady: essential items sales are up, which means less money to spend on what is considered less important. According to research conducted by AlterAgents, spending and financial habits vary a little by demographics, but the same top fears spread across Millennials, Gen X, and GenZ, with Boomers and the Silent Generation having slightly different priorities. This could indicate that the older generations will remain tighter with their spending even after the stimulus checks are deposited in their bank accounts.
\n\n\n\nWhen times are tough, consumers draw inward and focus attention on their top priorities. With the announcement that financial aid is forthcoming, we may see consumer fears ease and spending increase.
\n\n\n\r\nIn a recent study conducted shortly before the shelter-in-place orders, consumers reported their social media usage would likely increase slightly to significantly by 66% if asked to quarantine.. With 88% of consumers saying they trust an online recommendation as much as one that was made face-to-face, eCommerce is poised to take advantage of the uptick in spending. Considering that 99% of consumers intend to buy something online if quarantined, now is a good time to reevaluate your marketing strategy with these extenuating circumstances in mind.
\n\n\n\nWhile some sectors may not see as much growth from the stimulus checks as others, there is still positive news regarding consumer plans to purchase. Respondents consider themselves likely to spend in the following categories while quarantined:
\n\n\n\r\n![\"List](\"https://cdn.refersion.com/wp-content/uploads/2022/03/26102610/List-to-purchase.png\")
The increased consumer reliance on social media for information provides the perfect opportunity to expand affiliate and influencer marketing. With trust in online recommendations at an all-time high, and people turning to alternative information sources to escape the hammering of the nightly news, you can fill the gap. Consumers will need to order online if confined at home. They will need their fears eased by knowing they can still obtain essential items, and with the stimulus checks forthcoming, are more likely to spend a little on themselves as a form of comfort.
\n\n\n\nWhile everyone is bored at home and browsing social media, it’s the perfect time to build rapport with your customer base and lay the foundation for a solid relationship when we emerge from all of this.
\n\n\n\nStart expanding your affiliate network and reach out to influencers. Build your brand with great content designed to inform consumers and take the edge off their financial anxiety. In a time of crisis, we can either be driven further apart or be brought closer by a shared experience.
\n","title":"How will the stimulus package affect consumer purchase behavior?","nodeType":"Article","date":"2020-04-16T16:33:12","uri":"/blog/stimulus-package/","modified":"2023-03-02T09:12:28","lastEditedBy":{"node":{"name":"Werner Geyser"}},"articleCategories":{"nodes":[]},"featuredImage":{"node":{"sourceUrl":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg","srcSet":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-300x200.jpeg 300w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-1024x682.jpeg 1024w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-768x512.jpeg 768w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-455x303.jpeg 455w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg 1400w","altText":"Stimulus-package"}},"author":{"node":{"uri":"/author/ruthie/","firstName":"Ruthie","lastName":"Carey","userTitleRole":"","avatar":{"url":"https://secure.gravatar.com/avatar/a207f707ce3808fbc76fa841c404614e21a75b6394ebccace103fba2a575234c?s=96&d=mm&r=g"}}},"seo":{"title":"The stimulus package may affect consumer purchasing behaviour | Refersion","metaDesc":"The COVID-19 pandemic has forced unprecedented restrictions on consumer behavior by keeping consumers at home and prioritizing which items they choose to purchase. While stay-at-home orders have…","focuskw":"","metaKeywords":"","metaRobotsNoindex":"index","metaRobotsNofollow":"follow","opengraphTitle":"The stimulus package may affect consumer purchasing behaviour | Refersion","opengraphDescription":"The COVID-19 pandemic has forced unprecedented restrictions on consumer behavior by keeping consumers at home and prioritizing which items they choose to purchase. While stay-at-home orders have…","opengraphImage":{"altText":"Stimulus-package","sourceUrl":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg","srcSet":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-300x200.jpeg 300w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-1024x682.jpeg 1024w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-768x512.jpeg 768w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package-455x303.jpeg 455w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg 1400w"},"twitterTitle":"","twitterDescription":"","twitterImage":null,"canonical":"/blog/stimulus-package/","cornerstone":false,"schema":{"articleType":[],"pageType":["WebPage"],"raw":"{\"@context\":\"https://schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"/blog/stimulus-package/#article\",\"isPartOf\":{\"@id\":\"/blog/stimulus-package/\"},\"author\":{\"name\":\"Ruthie Carey\",\"@id\":\"/#/schema/person/c05c2fd059df39c8a78f775864214824\"},\"headline\":\"How will the stimulus package affect consumer purchase behavior?\",\"datePublished\":\"2020-04-16T20:33:12+00:00\",\"dateModified\":\"2023-03-02T14:12:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"/blog/stimulus-package/\"},\"wordCount\":713,\"publisher\":{\"@id\":\"/#organization\"},\"image\":{\"@id\":\"/blog/stimulus-package/#primaryimage\"},\"thumbnailUrl\":\"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg\",\"keywords\":[\"stimulus-package\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"/blog/stimulus-package/\",\"url\":\"/blog/stimulus-package/\",\"name\":\"The stimulus package may affect consumer purchasing behaviour | Refersion\",\"isPartOf\":{\"@id\":\"/#website\"},\"primaryImageOfPage\":{\"@id\":\"/blog/stimulus-package/#primaryimage\"},\"image\":{\"@id\":\"/blog/stimulus-package/#primaryimage\"},\"thumbnailUrl\":\"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg\",\"datePublished\":\"2020-04-16T20:33:12+00:00\",\"dateModified\":\"2023-03-02T14:12:28+00:00\",\"description\":\"The COVID-19 pandemic has forced unprecedented restrictions on consumer behavior by keeping consumers at home and prioritizing which items they choose to purchase. While stay-at-home orders have\\u2026\",\"breadcrumb\":{\"@id\":\"/blog/stimulus-package/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"/blog/stimulus-package/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"/blog/stimulus-package/#primaryimage\",\"url\":\"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg\",\"contentUrl\":\"https://cdn.refersion.com/wp-content/uploads/2022/03/26102612/Stimulus-package.jpeg\",\"width\":1400,\"height\":933,\"caption\":\"Stimulus-package\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"/blog/stimulus-package/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Articles\",\"item\":\"/blog/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"How will the stimulus package affect consumer purchase behavior?\"}]},{\"@type\":\"WebSite\",\"@id\":\"/#website\",\"url\":\"/\",\"name\":\"Refersion\",\"description\":\"Influencer and Affiliate Marketing Made Simple\",\"publisher\":{\"@id\":\"/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"/#organization\",\"name\":\"Refersion\",\"url\":\"/\",\"sameAs\":[\"https://www.facebook.com/login/?next=httpswww.facebook.comrefersion\",\"https://twitter.com/refersion\"],\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"/#/schema/logo/image/\",\"url\":\"https://cdn.refersion.com/wp-content/uploads/2023/01/17040606/1648145461812.jpg\",\"contentUrl\":\"https://cdn.refersion.com/wp-content/uploads/2023/01/17040606/1648145461812.jpg\",\"width\":200,\"height\":200,\"caption\":\"Refersion\"},\"image\":{\"@id\":\"/#/schema/logo/image/\"}},{\"@type\":\"Person\",\"@id\":\"/#/schema/person/c05c2fd059df39c8a78f775864214824\",\"name\":\"Ruthie Carey\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"/#/schema/person/image/\",\"url\":\"https://secure.gravatar.com/avatar/a207f707ce3808fbc76fa841c404614e21a75b6394ebccace103fba2a575234c?s=96&d=mm&r=g\",\"contentUrl\":\"https://secure.gravatar.com/avatar/a207f707ce3808fbc76fa841c404614e21a75b6394ebccace103fba2a575234c?s=96&d=mm&r=g\",\"caption\":\"Ruthie Carey\"},\"description\":\"Ruthie Carey is the Content Marketing Manager at Refersion. With a seasoned background in the ecommerce and technology space, Ruthie\\u2019s relevant industry knowledge and adoption of emerging trends form the foundation that makes her content shine.\",\"url\":\"/author/ruthie/\"}]}"}}},"relatedArticles":{"nodes":[]},"otherArticles":{"nodes":[{"id":"cG9zdDo1NzI4","title":"Featured Startup: Urban Strength","uri":"/blog/featured-startup-urban-strength/","excerpt":"Every now and then we enjoy talking to some interesting folks in the startup world, featuring their entrepreneurial adventures, and…
\n","nodeType":"Article","date":"November 09, 2016","featuredImage":{"node":{"sourceUrl":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102501/Urban-Strength.jpeg","srcSet":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102501/Urban-Strength-300x300.jpeg 300w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102501/Urban-Strength-150x150.jpeg 150w, https://cdn.refersion.com/wp-content/uploads/2022/03/26102501/Urban-Strength.jpeg 400w","altText":"Urban-Strength"}}},{"id":"cG9zdDo0MDM4","title":"Featured Startup: AKLASU","uri":"/blog/featured-startup-aklasu/","excerpt":"Every now and then we enjoy talking to some interesting folks in the startup world, exploring their entrepreneurial adventures, and…
\n","nodeType":"Article","date":"December 28, 2016","featuredImage":{"node":{"sourceUrl":"https://cdn.refersion.com/wp-content/uploads/2022/03/26103212/AKLASU.jpeg","srcSet":"https://cdn.refersion.com/wp-content/uploads/2022/03/26103212/AKLASU-300x169.jpeg 300w, https://cdn.refersion.com/wp-content/uploads/2022/03/26103212/AKLASU-455x256.jpeg 455w, https://cdn.refersion.com/wp-content/uploads/2022/03/26103212/AKLASU.jpeg 630w","altText":"aklasu"}}},{"id":"cG9zdDo3MDg3","title":"Featured Startup: Balitello","uri":"/blog/featured-startup-balitello/","excerpt":"They’ve been best friends since they were six. What happens when they start a business together? This week we sat…
\n","nodeType":"Article","date":"January 30, 2017","featuredImage":{"node":{"sourceUrl":"https://cdn.refersion.com/wp-content/uploads/2022/03/26102028/dudes.png","srcSet":null,"altText":"young"}}}]},"wp":{"blogCtas":{"articlesCTA":"\n\tSet up your own account or schedule a call with our team. We’ll get you up and running in no time.
\n\n\n\n\n