Young consumers alter spending habits due to COVID-19 outbreak

The COVID-19 outbreak has set a great burden on young people and force them to strongly change their spending habits, according to a retail analysis from First Insight.
March 20, 2020 | 10:01
young consumers alter spending behavior due to covid 19 outbreak Latest News Covid-19 in Hanoi: No need to hoard up on daily necessities
young consumers alter spending behavior due to covid 19 outbreak Covid-19 (Coronavirus): Online shopping prospers
young consumers alter spending behavior due to covid 19 outbreak Online shopping is well-positioned to hold the key to success for e-commerce in Viet Nam
young consumers alter spending behavior due to covid 19 outbreak
The COVID-19 outbreak has drawn reactions across every customer segment

Cutting expenses and saving money

All consumers are reducing spending due to a fear of economic depression caused by the COVID-19 outbreak, “but the spending shift of young people are stronger than anything. They are tightening their wallets,” CNBC quoted Greg Petro, CEO of First Insight.

More than half of young folk (54 per cent) who performed the survey said that coronavirus has impacted their purchasing decisions. 40 per cent are saving money to readily beat the epidemic. The rate is higher than for any generation, according to First Insight.

Their priority is urgent saving accounts that can help them sustain life for 3-6 months in case they become unemployed due to the health crisis.

Rising online shopping

Young people have limited shopping at physical stores, resulting in a sudden hike in online shopping. About 30 per cent of them regularly make online transactions and 39 per cent are cutting expenses at physical outlets.

Taking advantage of delivery services

According to Reuters, COVID-19 has accelerated food delivery services. 30 per cent of the survey respondents have turned to online delivery services. Postmade and DoorDash – the two biggest delivery applications in the US – are carrying out "no-contact" delivery. Instead of handing the items to the buyer in person, shippers now leave them at the door. Cash-on-delivery payments are also replaced by cashless payments.

Hunting low-cost flight tickets

COVID-19 has been putting major airlines on the verge of bankruptcy. That has brought about a string of discounts and promotions to boost demand. While many people cancel their flights, a part of young people have taken advantage of this to get tickets at reasonable prices, according to CNBC.

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