We’re beginning to see things settle down into what they’ll become as long as social distancing and stay-at-home orders remain the norm. Sales at Costco and Target have dropped after initially spiking during “stock up” behavior. Some items are likely to sell better in the next few months, while others are likely to suffer.
The top 5 categories in which buyers expect to spend LESS in the next 1-2 months include:
Concert & Event Tickets (60%)
Trips & Travel (57%)
Handbags & Accessories (52%)
Sporting Goods (51%)
Workout Clothing (48%)
While workout clothes might be the surprise on this list, I guess people feel less compulsion to dress up when they workout at their home.
The top 5 categories where buyers expect to spend MORE in the next 1-2 months include:
Online Video sees Increased Consumption: 39% of internet users have increased both Online Video (e.g., YouTube, TikTok). The Online Video percentage differs by generation with Gen Z leading at 51% (U.S./UK), followed by Millennials at 44%, Gen X at 35% and finally Boomers at 11%.
Continued Consumption of Online Video Expected (including TikTok): 76% of internet users who are currently consuming more Online Videos (e.g., YouTube, TikTok) still plan to do so after the crisis.
Facebook is the “go-to” for Coronavirus Info (including Gen Z): 47% of users are going to Facebook for up-to-date news about the coronavirus. Followed by YouTube at 35% and then Instagram at 32%. Of the social media platforms covered, LinkedIn ranks last at 7%.
Official Government Accounts a Trusted Source on Social: Half of internet users trust “Official Government Accounts” to provide the most up-to-date and accurate information about coronavirus on social media. This is followed closely by Health/Hospitals at 49%. On those groups listed, Brands’ account rank last at 8% and then Bloggers/Vloggers at 9%.
And finally, if you feel like Zoom is taking over the world, I’ve got a nifty chart to show you that you’re right even though privacy concerns dinged the video call provider in the last week.
Stay tuned as we plan on continuing these updates around COVID-19 and social media marketing as more time and insights unfold.
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