Study shows global consumer optimism is high, with more than
half of respondents surveyed saying that they expect a COVID-19
vaccine to keep them protected
ARMONK, N.Y., April 8, 2021
/CNW/ -- According to the findings of a new global consumer
study released by IBM's (NYSE: IBM) Institute for Business
Value (IBV), respondents surveyed are mostly confident in the
safety, effectiveness, and distribution of the COVID-19 vaccines
and indicate a desire to return to 'normalcy' after being
vaccinated. But different rules, personal preferences, and social
norms formed during the last year means that key industries like
retail, travel and transportation may need to provide more
seamless, personalized marketing and client experiences, to help
remain competitive and successfully engage customers.
The study of more than 15,000 adults surveyed globally, found
most people are confident in the safety, effectiveness, and
distribution of COVID-19 vaccines, and more than half expect the
COVID-19 vaccine to keep them protected. Economic progress can
happen gradually, however, as most respondents surveyed indicated
that vaccination levels will need to exceed 70 percent in order for
them to feel comfortable returning to life as it was before the
COVID-19 pandemic. If current COVID-19 vaccine rollout rates
continue, it purports that most people may not regain pre-COVID-19
pandemic comfort levels until well into 2022. Amidst this
uncertainty, consumers are rethinking the way they want to work,
socialize, travel, and shop, according to the study.
"Habits formed during the COVID-19 pandemic have raised
consumers' expectations of digital engagement, especially in
service industries like retail, travel & transportation," said
Jesus Mantas, senior managing partner, IBM Global Business
Services. "As we anticipate the 'post-COVID-19 pandemic normal,'
businesses should accelerate their digital evolution with AI and
Cloud based solutions to help remain competitive. Investing in
hybrid physical and digital experiences can help provide a more
personalized experience."
Noteworthy survey findings include:
Most Global Consumers Surveyed are Ready to Return to
in-store shopping once Vaccinated
According to the study,
the tides may be turning for the ailing retail industry, with
global consumers surveyed indicating a strong desire, once they are
vaccinated, to return to malls and shopping centers.
While many surveyed consumers may not abandon the online shopping
options they've become accustomed to using during the COVID-19
pandemic - with at least one in five respondents surveyed stating
that they plan to continue shopping primarily online - once
vaccinated, they expect to buy items in-store much more often.
The biggest categories that may see shifts toward in-person
shopping are toys, games, and hobbies, (+121 percent) and apparel,
footwear, and accessories (+76 percent), according to the
study.
With convenience indicated as the main reason global consumers
surveyed continue to shop online, followed by value and the wide
variety of products available online, to lure consumers back to
physical stores, retailers can look to in-store promotions and
local products. In-store promotions were the top factor that could
drive consumers to shop in a physical store, especially for Gen X
(54 percent surveyed) and Boomers (52 percent surveyed).
Additionally, local products that are not available online, such as
small batch food products and hand-made apparel, may attract nearly
50 percent of surveyed Millennials, Gen X and Boomers, to shop in
person.
Potential Recovery of the Travel Industry
While
consumer travel has yet to rebound, there are promising signs on
the horizon. The study showed plane travel may see an uptick in
demand, with 30 percent of people planning to fly more often—though
this is offset by the 23 percent of respondents surveyed that plan
to fly less.
The study found that roughly 1.5 times more vaccinated consumers
surveyed expect to take an overnight trip in the next six months.
Still, a sizeable subset of the population plans to stay home
indefinitely, with roughly one in four surveyed consumers saying
that they do not plan to travel in 2021, even after they receive
the COVID-19 vaccine.
The vaccine may also reinvigorate professional travel,
increasing the number of respondents comfortable travelling for
business two to four times in most countries. However, older
business travelers surveyed are less confident. Only eight percent
of respondents surveyed over 55 are comfortable traveling for
business without a COVID-19 vaccine, and just 25 percent are
comfortable after they're vaccinated.
The study showed personal automobile continues its prominence,
both during the COVID-19 pandemic period and after people receive
the COVID-19 vaccine. While 10 percent of respondents surveyed plan
to use a personal vehicle less often after getting the shot, 47
percent surveyed say they will use it more.
The survey showed that other forms of transportation may either
see a very slight increase or a net reduction in demand as more
people become vaccinated. The cruise industry may experience the
most significant net decline, with 26 percent of people surveyed
saying they will use cruise ships less and only 17 percent surveyed
saying they will use them more.
Generation Z Respondents Surveyed (People Aged 18-24) Are
Exceptions to the Findings
Post-COVID-19 vaccine outlook
varies widely across surveyed consumers by generation, but in
several categories, Generation Z respondents surveyed (people aged
18-24), especially hard hit by the COVID-19 pandemic, tended to be
outliers.
Most Gen Z respondents surveyed want to spend time with people
outside of their households once they get the shot. 27 percent of
Gen Z surveyed said they will increase outside
interaction, compared to 19 percent of Gen X surveyed and only 16
percent of those surveyed over 55. However, with the exception of
restaurants and free venues like beaches and public parks, Gen Z
respondents surveyed reported finding the return to some large
crowd social venues, such as live sporting events, amusement or
theme parks, museums and art galleries, live theater events and
movie theaters, less appealing than other generations
surveyed.
On average, 60 percent of Gen Z respondents surveyed plan to
visit venues such as restaurants and bars, salons and barbershops
once vaccinated, compared with 71 percent of Millennials surveyed
and 69 percent of Gen X respondents surveyed. This appears to be
the continuation of a trend, as Gen Z surveyed also reported
visiting venues less frequently than those in other age groups
during the COVID-19 pandemic.
IBV Study Methodology
The IBM Institute for Business
Value polled more than 15,000 adults in the Unites States,
India, U.K., Canada, Germany, Mexico, Spain, Brazil
and China in February 2021 to better understand consumers'
perspectives on the COVID-19 vaccine, what they plan to do once
they are vaccinated, and how it may affect their perspectives on a
number of issues, including retail spending,
transportation, future attendance at events in large venues,
and returning to work. The full study is available at:
https://www.ibm.com/thought-leadership/institute-business-value/report/vaccine-consumer-behavior.
The IBV continues conducting research to regularly draw insights
on consumer behavior since April 2020, about how COVID-19 has
impacted their outlook and preferences.
About IBM Institute for Business Value
The IBM Institute for Business Value (IBV) delivers trusted
business insights from our position at the intersection of
technology and business, combining experience from industry
thinkers, leading academics, and subject matter experts with global
research and performance data. The IBV thought
leadership portfolio includes research deep dives,
benchmarking and performance comparisons, and data visualizations
that support business decision making across regions, industries
and technologies. Follow @IBMIBV on Twitter, and to receive the
latest insights by email, visit: www.ibm.com/ibv.
Contact:
Tricia Vuiton
(845) 490-7582
Tavuiton@us.ibm.com
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SOURCE IBM